Kiely Wealth Advisory Group Inc. Invests $128,000 in Broadcom Inc. (NASDAQ:AVGO)

Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel reports. The fund purchased 80 shares of the semiconductor manufacturer’s stock, valued at approximately $128,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legend Financial Advisors Inc. grew its stake in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the last quarter. Richardson Capital Management LLC acquired a new position in shares of Broadcom in the first quarter valued at approximately $29,000. Delta Asset Management LLC TN increased its stake in shares of Broadcom by 242.9% during the first 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 period. Redmont Wealth Advisors LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in Broadcom in the 1st quarter valued at $37,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of AVGO opened at $171.10 on Friday. The company has a market capitalization of $796.45 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The business has a 50-day moving average of $156.81 and a 200-day moving average of $146.91. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during 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 for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date is Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Sanford C. Bernstein boosted their price target on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Bank of America restated a “buy” rating and set a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Melius started coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. Finally, Mizuho increased their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Two research 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on 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 directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.