Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Turtle Creek Wealth Advisors LLC

Turtle Creek Wealth Advisors LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 924.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,612 shares of the semiconductor manufacturer’s stock after buying an additional 43,865 shares during the quarter. Broadcom accounts for 1.7% of Turtle Creek Wealth Advisors LLC’s investment 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.

A number of other hedge funds also recently added to or reduced their stakes in the business. 1776 Wealth LLC raised its holdings in shares of Broadcom by 907.6% in the 3rd quarter. 1776 Wealth LLC now owns 2,912 shares of the semiconductor manufacturer’s stock valued at $502,000 after purchasing an additional 2,623 shares in the last quarter. LJI Wealth Management LLC raised its holdings in shares of Broadcom by 970.4% in the 3rd quarter. LJI Wealth Management LLC now owns 3,971 shares of the semiconductor manufacturer’s stock valued at $685,000 after purchasing an additional 3,600 shares in the last quarter. Heritage Investment Group Inc. raised its holdings in shares of Broadcom by 3,178.0% in the 3rd quarter. Heritage Investment Group Inc. now owns 5,671 shares of the semiconductor manufacturer’s stock valued at $978,000 after purchasing an additional 5,498 shares in the last quarter. KPP Advisory Services LLC raised its holdings in shares of Broadcom by 930.8% in the 3rd quarter. KPP Advisory Services LLC now owns 5,752 shares of the semiconductor manufacturer’s stock valued at $992,000 after purchasing an additional 5,194 shares in the last quarter. Finally, RIA Advisory Group LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at $1,098,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 0.5 %

Shares of NASDAQ:AVGO opened at $165.67 on Tuesday. The company has a market cap of $773.77 billion, a price-to-earnings ratio of 143.94, a PEG ratio of 1.94 and a beta of 1.17. The firm’s 50-day simple moving average is $173.34 and its 200-day simple moving average is $159.57. 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 Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its earnings results 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. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current 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 paid a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.28%. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVGO. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Mizuho increased their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Two investment 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom 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.