Chartwell Investment Partners LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Chartwell Investment Partners LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 726.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,199 shares of the semiconductor manufacturer's stock after buying an additional 75,769 shares during the quarter. Chartwell Investment Partners LLC's holdings in Broadcom were worth $14,869,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Lion Street Advisors LLC lifted its position in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock worth $520,000 after acquiring an additional 6 shares in the last quarter. Optimum Investment Advisors lifted its holdings in shares of Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer's stock worth $2,262,000 after acquiring an additional 8 shares during the last quarter. Anderson Hoagland & Co. grew its position in Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer's stock worth $4,623,000 after acquiring an additional 9 shares in the last quarter. Wealth Group Ltd raised its position in Broadcom by 6.0% during the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer's stock valued at $283,000 after purchasing an additional 10 shares in the last quarter. Finally, Shira Ridge Wealth Management raised its position in Broadcom by 6.3% during the second quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer's stock valued at $273,000 after purchasing an additional 10 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the business's stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock valued at $53,540,590 over the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.8 %

NASDAQ AVGO traded down $3.20 during trading hours on Thursday, reaching $170.38. The company had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. The stock has a 50-day moving average of $171.93 and a 200 day moving average of $158.86. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The stock has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business's quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.24%. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. Benchmark reaffirmed a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. StockNews.com downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

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.