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

RKL Wealth Management LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,216.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Delta Asset Management LLC TN increased its stake in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Clear Point Advisors Inc. grew its holdings in Broadcom by 310.0% during the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock valued at $54,000 after buying an additional 31 shares in the last quarter. Indiana Trust & Investment Management CO boosted its position in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock valued at $85,000 after acquiring an additional 15 shares during the period. Creekmur Asset Management LLC boosted its stake in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock valued at $98,000 after buying an additional 35 shares during the period. Finally, Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Broadcom in the 2nd quarter valued at about $128,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

AVGO stock traded down $2.64 on Wednesday, hitting $173.58. The company had a trading volume of 17,442,238 shares, compared to its average volume of 29,605,799. The stock has a market cap of $810.72 billion, a price-to-earnings ratio of 151.55, a P/E/G ratio of 2.07 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. The stock's 50-day simple moving average is $171.55 and its 200 day simple moving average is $158.53. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The firm's revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's payout ratio is currently 184.19%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVGO. Truist Financial raised 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. UBS Group increased their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Oppenheimer dropped their price objective on Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, July 16th. Cantor Fitzgerald lifted their price target 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, Morgan Stanley raised their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were 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 of the company's stock, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction dated 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 sale, the insider now directly owns 753,280 shares of the company's stock, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.