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

Chesapeake Wealth Management lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 880.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,396 shares of the semiconductor manufacturer’s stock after purchasing 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 filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Tranquility Partners LLC boosted its holdings in shares of Broadcom by 852.2% during the 3rd quarter. Tranquility Partners LLC now owns 5,942 shares of the semiconductor manufacturer’s stock valued at $1,025,000 after buying an additional 5,318 shares in the last quarter. Vertex Planning Partners LLC purchased a new stake in Broadcom in the third quarter worth about $205,000. Whalen Wealth Management Inc. bought a new position in shares of Broadcom during the third quarter valued at approximately $997,000. Belmont Capital LLC lifted its holdings in shares of Broadcom by 899.6% during the third quarter. Belmont Capital LLC now owns 11,615 shares of the semiconductor manufacturer’s stock valued at $2,004,000 after purchasing an additional 10,453 shares during the last quarter. Finally, Cantillon Capital Management LLC grew its stake in shares of Broadcom by 849.6% in the 3rd quarter. Cantillon Capital Management LLC now owns 7,331,393 shares of the semiconductor manufacturer’s stock worth $1,264,665,000 after buying an additional 6,559,316 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction on 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 in the company, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $163.89 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $765.45 billion, a price-to-earnings ratio of 142.39, a PEG ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42. The firm’s 50-day moving average is $173.77 and its 200 day moving average is $160.37.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 prior year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Mizuho boosted 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. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Truist Financial raised their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

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.