Kolinsky Wealth Management LLC Purchases 4,663 Shares of Broadcom Inc. (NASDAQ:AVGO)

Kolinsky Wealth Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 945.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,156 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,663 shares during the period. Kolinsky Wealth Management LLC’s holdings in Broadcom were worth $889,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Indiana Trust & Investment Management CO raised its stake in shares of Broadcom by 39.5% during 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 during the last quarter. Kiely Wealth Advisory Group Inc. acquired a new position in Broadcom during the second quarter valued at approximately $128,000. Mark Sheptoff Financial Planning LLC acquired a new position in Broadcom during the second quarter valued at approximately $136,000. Bank & Trust Co acquired a new position in Broadcom during the second quarter valued at approximately $153,000. Finally, American Capital Advisory LLC acquired a new position in Broadcom during the second quarter valued at approximately $169,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Mizuho upped their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This 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 can be accessed through this link. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $162.08 on Friday. 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 firm’s fifty day moving average price is $173.39 and its two-hundred day moving average price is $161.69. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The firm has a market capitalization of $757.01 billion, a P/E ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.31%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is 184.19%.

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.