Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Chesapeake Wealth Management

Chesapeake Wealth Management lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 7.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 16,147 shares of the semiconductor manufacturer’s stock after selling 1,249 shares during the period. Broadcom accounts for 1.3% of Chesapeake Wealth Management’s investment portfolio, making the stock its 23rd biggest holding. Chesapeake Wealth Management’s holdings in Broadcom were worth $3,744,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division boosted its holdings in shares of Broadcom by 21.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after buying an additional 3,707 shares in the last quarter. AXA S.A. boosted its stake in Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after acquiring an additional 7,608 shares in the last quarter. Strait & Sound Wealth Management LLC grew its holdings in shares of Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after purchasing an additional 7,095 shares during the last quarter. Catalyst Financial Partners LLC increased its position in shares of Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after purchasing an additional 18,206 shares in the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of Broadcom by 947.2% in the 3rd quarter. Whittier Trust Co. now owns 689,858 shares of the semiconductor manufacturer’s stock valued at $119,000,000 after purchasing an additional 623,983 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.2 %

AVGO opened at $240.91 on Thursday. Broadcom Inc. has a 12 month low of $117.43 and a 12 month high of $251.88. The business has a 50-day moving average of $204.46 and a two-hundred day moving average of $179.16. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 196.50, a price-to-earnings-growth ratio of 2.48 and a beta of 1.03.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is currently 192.50%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % 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, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research reports. Evercore ISI boosted their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Cantor Fitzgerald upped 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. Susquehanna raised their price target on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.83.

Read Our Latest Research Report on Broadcom

About Broadcom

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGOFree Report).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.