Chesapeake Wealth Management Sells 152 Shares of Broadcom Inc. (NASDAQ:AVGO)

Chesapeake Wealth Management reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 7.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,775 shares of the semiconductor manufacturer’s stock after selling 152 shares during the period. Broadcom comprises 1.0% of Chesapeake Wealth Management’s holdings, making the stock its 27th largest position. Chesapeake Wealth Management’s holdings in Broadcom were worth $2,850,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. TBH Global Asset Management LLC increased its holdings in shares of Broadcom by 29.2% during the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after acquiring an additional 145 shares during the last quarter. Gilbert & Cook Inc. boosted its position in shares of Broadcom by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after acquiring an additional 39 shares during the period. Aveo Capital Partners LLC grew its stake in shares of Broadcom by 15.9% in the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock valued at $512,000 after acquiring an additional 63 shares in the last quarter. 9258 Wealth Management LLC increased its position in Broadcom by 1.5% during the fourth quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after acquiring an additional 58 shares during the period. Finally, Gryphon Financial Partners LLC raised its stake in Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday. They set an “outperform” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of Broadcom in a research report on Friday, September 6th. Evercore ISI lifted their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Finally, Mizuho raised their price target on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Two equities research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Performance

NASDAQ:AVGO opened at $171.10 on Friday. The company has a market capitalization of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a 50 day simple moving average of $156.81 and a two-hundred day simple moving average of $146.91.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

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.