Carnegie Investment Counsel Buys 169,403 Shares of Broadcom Inc. (NASDAQ:AVGO)

Carnegie Investment Counsel increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 944.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 187,341 shares of the semiconductor manufacturer’s stock after purchasing an additional 169,403 shares during the quarter. Broadcom accounts for approximately 1.0% of Carnegie Investment Counsel’s portfolio, making the stock its 21st largest position. Carnegie Investment Counsel’s holdings in Broadcom were worth $32,316,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Lion Street Advisors LLC raised its stake in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares in the last quarter. Tucker Asset Management LLC raised its position in shares of Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after acquiring an additional 8 shares in the last quarter. Buckley Wealth Management LLC lifted its stake in shares of Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after purchasing an additional 8 shares during the period. Legend Financial Advisors Inc. boosted its position in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. Finally, Ascent Wealth Partners LLC raised its holdings in Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after purchasing an additional 8 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Cantor Fitzgerald boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, Truist Financial lifted their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $190.29.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s 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 transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 295,130 shares of company stock valued at $50,646,622 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $181.48 on Friday. The company has a 50-day moving average price of $162.91 and a 200-day moving average price of $151.64. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. 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 market capitalization of $847.62 billion, a P/E ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) 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. The business 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%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share. Equities research analysts anticipate 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. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.17%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) 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.