Carmel Capital Partners LLC Buys Shares of 1,140 Broadcom Inc. (NASDAQ:AVGO)

Carmel Capital Partners LLC bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, HoldingsChannel reports. The firm bought 1,140 shares of the semiconductor manufacturer’s stock, valued at approximately $264,000.

Several other hedge funds have also bought and sold shares of the stock. McDonough Capital Management Inc bought a new stake in Broadcom during the fourth quarter valued at approximately $1,803,000. Promus Capital LLC bought a new stake in Broadcom during the fourth quarter valued at approximately $63,000. First Business Financial Services Inc. lifted its position in Broadcom by 3.6% during the fourth quarter. First Business Financial Services Inc. now owns 38,053 shares of the semiconductor manufacturer’s stock valued at $8,822,000 after purchasing an additional 1,311 shares during the last quarter. Arizona State Retirement System lifted its position in Broadcom by 1.8% during the fourth quarter. Arizona State Retirement System now owns 1,290,686 shares of the semiconductor manufacturer’s stock valued at $299,233,000 after purchasing an additional 23,074 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its position in Broadcom by 46.2% during the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock valued at $4,528,000 after purchasing an additional 6,168 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AVGO shares. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Truist Financial lifted their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Barclays lifted their price target on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Stock Performance

NASDAQ:AVGO opened at $191.58 on Thursday. The stock has a market cap of $898.00 billion, a P/E ratio of 156.27, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The firm’s fifty day simple moving average is $224.53 and its 200 day simple moving average is $192.64. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 191.87%.

About Broadcom

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.