RKL Wealth Management LLC Acquires 3,771 Shares of Broadcom Inc. (NASDAQ:AVGO)

RKL Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1,216.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,081 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,771 shares during the quarter. RKL Wealth Management LLC’s holdings in Broadcom were worth $704,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in AVGO. TBH Global Asset Management LLC raised its holdings in Broadcom by 8.0% during the first quarter. TBH Global Asset Management LLC now owns 692 shares of the semiconductor manufacturer’s stock valued at $917,000 after acquiring an additional 51 shares during the period. TTP Investments Inc. lifted its holdings in Broadcom by 13.2% in the 1st quarter. TTP Investments Inc. now owns 3,079 shares of the semiconductor manufacturer’s stock worth $4,109,000 after purchasing an additional 359 shares in the last quarter. JBR Co Financial Management Inc bought a new position in Broadcom in the 1st quarter worth approximately $227,000. Kingsview Wealth Management LLC grew its holdings in Broadcom by 4.2% during the 1st quarter. Kingsview Wealth Management LLC now owns 8,425 shares of the semiconductor manufacturer’s stock valued at $11,167,000 after buying an additional 338 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its position in shares of Broadcom by 1.8% during the first quarter. HBK Sorce Advisory LLC now owns 2,676 shares of the semiconductor manufacturer’s stock valued at $3,546,000 after buying an additional 47 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 1.5 %

Shares of AVGO opened at $176.22 on Wednesday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The stock has a market cap of $823.05 billion, a PE ratio of 153.10, a price-to-earnings-growth ratio of 2.16 and a beta of 1.17. The firm’s fifty day moving average is $171.08 and its two-hundred day moving average is $158.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

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

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.20%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at $70,744,366. This 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 have sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Cantor Fitzgerald raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $192.79.

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.