Turtle Creek Wealth Advisors LLC Purchases 43,865 Shares of Broadcom Inc. (NASDAQ:AVGO)

Turtle Creek Wealth Advisors LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 924.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,612 shares of the semiconductor manufacturer's stock after purchasing an additional 43,865 shares during the quarter. Broadcom accounts for approximately 1.7% of Turtle Creek Wealth Advisors LLC's portfolio, making the stock its 11th largest position. Turtle Creek Wealth Advisors LLC's holdings in Broadcom were worth $8,386,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Clear Point Advisors Inc. boosted its stake in Broadcom by 310.0% in the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock worth $54,000 after buying an additional 31 shares in the last quarter. Indiana Trust & Investment Management CO boosted its stake in Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock worth $85,000 after buying an additional 15 shares in the last quarter. Creekmur Asset Management LLC boosted its stake in Broadcom by 89.7% in the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock worth $98,000 after buying an additional 35 shares in the last quarter. Kiely Wealth Advisory Group Inc. purchased a new stake in Broadcom in the second quarter worth approximately $128,000. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Broadcom in the second quarter valued at approximately $136,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the business's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company's stock.

Broadcom Stock Up 0.0 %

AVGO traded up $0.03 during midday trading on Tuesday, reaching $165.70. The company's stock had a trading volume of 8,385,072 shares, compared to its average volume of 29,379,625. The firm has a market capitalization of $773.91 billion, a price-to-earnings ratio of 143.68, a PEG ratio of 1.94 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 1 year low of $90.31 and a 1 year high of $186.42. The stock's 50-day moving average is $173.34 and its 200-day moving average is $159.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is 184.35%.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent analyst reports. William Blair initiated coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a report on Tuesday, October 8th. The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Finally, Truist Financial upped their price target on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price 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.