Carnegie Investment Counsel Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Carnegie Investment Counsel increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 202,486 shares of the semiconductor manufacturer's stock after acquiring an additional 15,145 shares during the quarter. Broadcom comprises approximately 1.3% of Carnegie Investment Counsel's portfolio, making the stock its 13th biggest position. Carnegie Investment Counsel's holdings in Broadcom were worth $46,944,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer's stock valued at $31,814,902,000 after buying an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC increased its holdings in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock valued at $15,594,088,000 after buying an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its position in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 3.5 %

AVGO stock traded up $8.03 during trading on Friday, hitting $237.44. 31,036,592 shares of the company's stock traded hands, compared to its average volume of 41,590,264. The business has a fifty day simple moving average of $202.01 and a two-hundred day simple moving average of $178.14. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.11 trillion, a P/E ratio of 193.67, a PEG ratio of 2.35 and a beta of 1.03. Broadcom Inc. has a 1 year low of $112.19 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm's quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.99%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom's payout ratio is 192.50%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVGO. Evercore ISI boosted their price target on Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Truist Financial lifted their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Benchmark reissued a "buy" rating and set a $255.00 target price (up previously from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a "positive" rating in a report on Friday, December 13th. Finally, Citigroup boosted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $225.83.

Insider Activity at Broadcom

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 transaction, the director now directly owns 6,460 shares of the company's stock, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares of the company's stock, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

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.