Chesapeake Wealth Management Purchases 15,621 Shares of Broadcom Inc. (NASDAQ:AVGO)

Chesapeake Wealth Management lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 880.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 17,396 shares of the semiconductor manufacturer's stock after buying an additional 15,621 shares during the quarter. Chesapeake Wealth Management's holdings in Broadcom were worth $3,001,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tranquility Partners LLC boosted its stake in Broadcom by 852.2% in the 3rd quarter. Tranquility Partners LLC now owns 5,942 shares of the semiconductor manufacturer's stock valued at $1,025,000 after purchasing an additional 5,318 shares during the period. Vertex Planning Partners LLC acquired a new stake in shares of Broadcom during the third quarter worth $205,000. Whalen Wealth Management Inc. bought a new stake in shares of Broadcom in the third quarter valued at about $997,000. Belmont Capital LLC grew its stake in shares of Broadcom by 899.6% in the third quarter. Belmont Capital LLC now owns 11,615 shares of the semiconductor manufacturer's stock valued at $2,004,000 after acquiring an additional 10,453 shares in the last quarter. Finally, Cantillon Capital Management LLC increased its position in Broadcom by 849.6% during the third quarter. Cantillon Capital Management LLC now owns 7,331,393 shares of the semiconductor manufacturer's stock worth $1,264,665,000 after acquiring an additional 6,559,316 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. TD Cowen upgraded shares of Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a report on Friday, September 6th. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Trading Down 0.8 %

Shares of AVGO stock traded down $1.38 during trading hours on Friday, hitting $162.56. 2,394,678 shares of the company's stock traded hands, compared to its average volume of 29,229,432. The stock has a market cap of $759.25 billion, a PE ratio of 142.39, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The stock's 50 day simple moving average is $173.77 and its 200 day simple moving average is $160.37. 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 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 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 the consensus estimate of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. The business's quarterly revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.30%. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction that occurred 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. This represents a 11.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the firm's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

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.