Bedell Frazier Investment Counselling LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Bedell Frazier Investment Counselling LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 711.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,364 shares of the semiconductor manufacturer’s stock after buying an additional 11,717 shares during the period. Bedell Frazier Investment Counselling LLC’s holdings in Broadcom were worth $2,305,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Indiana Trust & Investment Management CO lifted its stake in shares of Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after purchasing an additional 15 shares in the last quarter. Creekmur Asset Management LLC raised its holdings in Broadcom by 89.7% in the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after buying an additional 35 shares during the period. 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 purchased a new stake in Broadcom during the second quarter worth approximately $136,000. Finally, Bank & Trust Co acquired a new stake in shares of Broadcom in the second quarter worth $153,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last quarter. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.0 %

Shares of NASDAQ AVGO opened at $164.74 on Wednesday. The stock has a market capitalization of $769.43 billion, a P/E ratio of 143.13, a PEG ratio of 1.93 and a beta of 1.17. The stock’s 50 day moving average price is $173.76 and its two-hundred day moving average price is $161.09. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s payout ratio is 184.19%.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. UBS Group increased their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $195.96.

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.