Wick Capital Partners LLC Takes $679,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Wick Capital Partners LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,927 shares of the semiconductor manufacturer’s stock, valued at approximately $679,000.

Several other hedge funds have also bought and sold shares of the company. WealthCollab LLC raised its holdings in Broadcom by 14.6% in the 4th quarter. WealthCollab LLC now owns 763 shares of the semiconductor manufacturer’s stock valued at $177,000 after acquiring an additional 97 shares during the period. Bridgewealth Advisory Group LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $313,000. Voleon Capital Management LP bought a new position in shares of Broadcom during the fourth quarter worth approximately $14,313,000. Evergreen Wealth Solutions LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $757,000. Finally, Jericho Capital Asset Management L.P. bought a new stake in Broadcom in the 4th quarter valued at $147,388,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock valued at $131,065,542 over the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

AVGO stock opened at $191.17 on Wednesday. Broadcom Inc. has a 1 year low of $122.33 and a 1 year high of $251.88. The stock has a market capitalization of $898.87 billion, a PE ratio of 155.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company’s 50-day moving average is $182.92 and its 200-day moving average is $196.21. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. Broadcom’s dividend payout ratio is 113.46%.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVGO. Bank of America dropped their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley raised their target price on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, Citigroup reduced their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.48.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.