Hobbs Wealth Management LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Hobbs Wealth Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 2,082 shares of the semiconductor manufacturer's stock, valued at approximately $483,000. Broadcom accounts for 0.6% of Hobbs Wealth Management LLC's holdings, making the stock its 23rd largest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division raised its stake in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock worth $4,858,000 after purchasing an additional 3,707 shares during the last quarter. Wolff Financial Management LLC purchased a new stake in Broadcom in the 4th quarter valued at $244,000. Motive Wealth Advisors lifted its stake in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after acquiring an additional 4,209 shares in the last quarter. Tidal Investments LLC boosted its holdings in Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock worth $66,696,000 after acquiring an additional 350,485 shares during the last quarter. Finally, Franchise Capital Ltd bought a new stake in shares of Broadcom in the 4th quarter worth $2,017,000. 76.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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Broadcom Trading Down 2.0 %

Broadcom stock traded down $3.58 during trading hours on Monday, reaching $178.36. The stock had a trading volume of 25,312,472 shares, compared to its average volume of 31,342,019. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a fifty day simple moving average of $195.52 and a 200-day simple moving average of $196.11. The stock has a market cap of $838.64 billion, a PE ratio of 145.48, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 1.32%. Broadcom's dividend payout ratio (DPR) is 113.46%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Benchmark restated a "buy" rating and issued a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Morgan Stanley upped their price objective on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, Citigroup dropped their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $231.68.

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.