Chase Investment Counsel Corp Buys 26,670 Shares of Broadcom Inc. (NASDAQ:AVGO)

Chase Investment Counsel Corp raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 729.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,325 shares of the semiconductor manufacturer’s stock after buying an additional 26,670 shares during the quarter. Broadcom comprises approximately 1.7% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 24th biggest holding. Chase Investment Counsel Corp’s holdings in Broadcom were worth $5,231,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Souders Financial Advisors raised its holdings in shares of Broadcom by 786.9% in the third quarter. Souders Financial Advisors now owns 44,911 shares of the semiconductor manufacturer’s stock valued at $7,747,000 after purchasing an additional 39,847 shares during the last quarter. Community Bank & Trust Waco Texas raised its holdings in shares of Broadcom by 921.4% in the third quarter. Community Bank & Trust Waco Texas now owns 25,861 shares of the semiconductor manufacturer’s stock valued at $4,461,000 after purchasing an additional 23,329 shares during the last quarter. Haverford Trust Co raised its holdings in shares of Broadcom by 926.0% in the third quarter. Haverford Trust Co now owns 20,940 shares of the semiconductor manufacturer’s stock valued at $3,612,000 after purchasing an additional 18,899 shares during the last quarter. Paradigm Asset Management Co. LLC raised its holdings in shares of Broadcom by 900.0% in the third quarter. Paradigm Asset Management Co. LLC now owns 22,500 shares of the semiconductor manufacturer’s stock valued at $3,881,000 after purchasing an additional 20,250 shares during the last quarter. Finally, Empower Advisory Group LLC raised its holdings in shares of Broadcom by 7,175.5% in the third quarter. Empower Advisory Group LLC now owns 243,657 shares of the semiconductor manufacturer’s stock valued at $42,031,000 after purchasing an additional 240,308 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent analyst reports. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Mizuho boosted their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Trading Down 3.3 %

AVGO opened at $164.84 on Friday. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a 50-day simple moving average of $172.29 and a 200 day simple moving average of $159.14. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $769.90 billion, a price-to-earnings ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.35%.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last quarter. 2.00% of the stock is owned by company 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.