Carnegie Investment Counsel Has $32.32 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Carnegie Investment Counsel raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 944.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 187,341 shares of the semiconductor manufacturer’s stock after purchasing an additional 169,403 shares during the quarter. Broadcom makes up about 1.0% of Carnegie Investment Counsel’s portfolio, making the stock its 21st biggest holding. Carnegie Investment Counsel’s holdings in Broadcom were worth $32,316,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Lion Street Advisors LLC increased its stake in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after purchasing an additional 6 shares in the last quarter. Tucker Asset Management LLC increased its position in shares of Broadcom by 12.5% during the fourth 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 raised its holdings 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 worth $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. lifted its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Finally, Ascent Wealth Partners LLC boosted its stake in Broadcom by 0.3% during the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AVGO. Bank of America restated a “buy” rating and issued a $215.00 target price (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.29.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $181.48 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42. The stock has a market cap of $847.62 billion, a PE ratio of 157.67, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The stock has a fifty day moving average of $162.91 and a 200-day moving average of $151.64.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Gayla J. Delly sold 750 shares of the firm’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 directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This 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 90 days. Corporate insiders own 2.00% of the company’s stock.

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.