Hobbs Wealth Management LLC Buys Shares of 2,082 Broadcom Inc. (NASDAQ:AVGO)

Hobbs Wealth Management LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,082 shares of the semiconductor manufacturer’s stock, valued at approximately $483,000. Broadcom comprises approximately 0.6% of Hobbs Wealth Management LLC’s investment portfolio, making the stock its 23rd biggest position.

Other large investors have also made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in Broadcom in the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $26,000. Sellwood Investment Partners LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $32,000. Bellevue Asset Management LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom during the 4th quarter valued at approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Down 6.9 %

Shares of AVGO opened at $172.30 on Friday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The firm has a market capitalization of $810.15 billion, a P/E ratio of 140.54, a P/E/G ratio of 2.29 and a beta of 1.05. The firm has a 50-day moving average price of $196.33 and a 200 day moving average price of $195.94. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom declared that its board has initiated a stock 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 reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.37%. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Piper Sandler increased their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Susquehanna increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Company 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.