Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Chase Investment Counsel Corp

Chase Investment Counsel Corp raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 729.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,325 shares of the semiconductor manufacturer's stock after purchasing an additional 26,670 shares during the quarter. Broadcom accounts for approximately 1.7% of Chase Investment Counsel Corp's portfolio, making the stock its 24th largest position. Chase Investment Counsel Corp's holdings in Broadcom were worth $5,231,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN boosted its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after purchasing an additional 17 shares during the period. Clear Point Advisors Inc. boosted its position in Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock valued at $54,000 after buying an additional 31 shares during the period. Indiana Trust & Investment Management CO grew its stake in shares of Broadcom by 39.5% in the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock worth $85,000 after acquiring an additional 15 shares in the last quarter. Creekmur Asset Management LLC increased its position in shares of Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock worth $98,000 after acquiring an additional 35 shares during the period. Finally, Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Broadcom in the second quarter valued at $128,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO traded down $5.54 during trading on Friday, hitting $164.84. The stock had a trading volume of 20,836,160 shares, compared to its average volume of 29,525,910. The firm has a market capitalization of $769.90 billion, a P/E ratio of 143.34, a PEG ratio of 2.04 and a beta of 1.17. 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 twelve month low of $90.31 and a twelve month high of $186.42. The company's 50-day moving average price is $172.84 and its 200 day moving average price is $159.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS 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. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is currently 184.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an "outperform" rating for the company. UBS Group increased their target price on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a report on Monday, November 4th. The Goldman Sachs Group lifted their price target on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Finally, Morgan Stanley raised their target price on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Two investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares of the company's stock, valued at approximately $204,399,515.40. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the business'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 sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom 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.