Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 8.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 202,486 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,145 shares during the period. Broadcom makes up approximately 1.3% of Carnegie Investment Counsel’s portfolio, making the stock its 13th biggest holding. Carnegie Investment Counsel’s holdings in Broadcom were worth $46,944,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Tallon Kerry Patrick acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $357,000. Sanders Morris Harris LLC grew its holdings in Broadcom by 2.5% during the fourth quarter. Sanders Morris Harris LLC now owns 20,850 shares of the semiconductor manufacturer’s stock worth $4,839,000 after acquiring an additional 500 shares during the period. Guardian Financial Partners LLC acquired a new position in Broadcom during the fourth quarter worth $340,000. Hennion & Walsh Asset Management Inc. grew its holdings in Broadcom by 1.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 85,250 shares of the semiconductor manufacturer’s stock worth $19,764,000 after acquiring an additional 945 shares during the period. Finally, Mason & Associates Inc grew its holdings in Broadcom by 22.1% during the fourth quarter. Mason & Associates Inc now owns 5,527 shares of the semiconductor manufacturer’s stock worth $1,281,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $237.44 on Friday. The business’s 50-day moving average price is $200.93 and its 200 day moving average price is $177.60. Broadcom Inc. has a twelve month low of $112.19 and a twelve month high of $251.88. The company has a market capitalization of $1.11 trillion, a PE ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. On average, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.99%. Broadcom’s dividend payout ratio is currently 191.87%.

Insiders Place Their Bets

In other news, Director Diane M. Bryant sold 15,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. Bank of America upped their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird boosted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Hsbc Global Res upgraded Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. TD Cowen boosted their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $225.83.

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.