RIA Advisory Group LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

RIA Advisory Group LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,363 shares of the semiconductor manufacturer’s stock, valued at approximately $1,098,000.

Several other institutional investors have also recently made changes to their positions in the stock. Maxwell Wealth Strategies Inc. raised its holdings in shares of Broadcom by 1,092.2% during the third quarter. Maxwell Wealth Strategies Inc. now owns 33,227 shares of the semiconductor manufacturer’s stock valued at $5,778,000 after purchasing an additional 30,440 shares during the period. Paragon Advisors LLC raised its holdings in shares of Broadcom by 899.6% during the third quarter. Paragon Advisors LLC now owns 20,521 shares of the semiconductor manufacturer’s stock valued at $3,540,000 after purchasing an additional 18,468 shares during the period. Natixis Advisors LLC raised its holdings in shares of Broadcom by 988.3% during the third quarter. Natixis Advisors LLC now owns 2,480,379 shares of the semiconductor manufacturer’s stock valued at $427,865,000 after purchasing an additional 2,252,476 shares during the period. Evolution Wealth Advisors LLC raised its holdings in shares of Broadcom by 2,252.6% during the third quarter. Evolution Wealth Advisors LLC now owns 3,623 shares of the semiconductor manufacturer’s stock valued at $625,000 after purchasing an additional 3,469 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund increased its position in shares of Broadcom by 880.9% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 137,819 shares of the semiconductor manufacturer’s stock worth $23,774,000 after acquiring an additional 123,769 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the 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 sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 0.5 %

Broadcom stock opened at $165.67 on Tuesday. The company has a market capitalization of $773.77 billion, a P/E ratio of 143.94, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average price of $173.34 and a 200-day moving average price of $159.57. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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. The company 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%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. As a group, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Benchmark reissued a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus 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.