Xcel Wealth Management LLC Buys 19,031 Shares of Broadcom Inc. (NASDAQ:AVGO)

Xcel Wealth Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 714.1% during the third quarter, HoldingsChannel.com reports. The firm owned 21,696 shares of the semiconductor manufacturer’s stock after purchasing an additional 19,031 shares during the quarter. Broadcom makes up 1.1% of Xcel Wealth Management LLC’s portfolio, making the stock its 25th largest position. Xcel Wealth Management LLC’s holdings in Broadcom were worth $3,743,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. grew its position in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. Castleview Partners LLC boosted its stake in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares during the period. Richardson Capital Management LLC purchased a new position in Broadcom during the first quarter worth about $29,000. Delta Asset Management LLC TN increased its stake in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 1.2 %

NASDAQ:AVGO opened at $171.35 on Friday. The company has a 50-day moving average price of $167.93 and a 200-day moving average price of $154.14. The stock has a market cap of $797.61 billion, a price-to-earnings ratio of 7.37, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the firm posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.24%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Cantor Fitzgerald upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group dropped their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Finally, Truist Financial increased their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

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.