Financial Counselors Inc. Buys 854 Shares of Broadcom Inc (AVGO)

Financial Counselors Inc. grew its stake in Broadcom Inc (NASDAQ:AVGO) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 38,667 shares of the semiconductor manufacturer’s stock after buying an additional 854 shares during the quarter. Financial Counselors Inc.’s holdings in Broadcom were worth $9,540,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Massey Quick Simon & CO. LLC purchased a new stake in Broadcom during the second quarter worth approximately $104,000. Zions Bancorporation purchased a new stake in Broadcom during the second quarter worth approximately $109,000. MUFG Americas Holdings Corp purchased a new stake in Broadcom during the second quarter worth approximately $109,000. MUFG Securities EMEA plc purchased a new stake in Broadcom during the second quarter worth approximately $117,000. Finally, First Personal Financial Services acquired a new position in Broadcom during the second quarter worth approximately $126,000. Institutional investors and hedge funds own 88.02% of the company’s stock.

In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. In the last three months, insiders sold 61,194 shares of company stock worth $13,785,345. Corporate insiders own 3.30% of the company’s stock.

AVGO has been the topic of several research analyst reports. BidaskClub lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Jefferies Financial Group cut their price target on Broadcom to $278.00 and set a “buy” rating on the stock in a research report on Thursday, July 12th. Royal Bank of Canada lowered Broadcom from a “top pick” rating to an “outperform” rating and cut their price target for the stock from $330.00 to $300.00 in a research report on Thursday, July 12th. Macquarie lowered Broadcom from an “outperform” rating to a “neutral” rating and set a $265.00 price target on the stock. in a research report on Thursday, July 12th. Finally, B. Riley lowered Broadcom from a “buy” rating to a “neutral” rating and cut their price target for the stock from $308.00 to $245.00 in a research report on Thursday, July 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirty have issued a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and an average price target of $290.77.

NASDAQ:AVGO opened at $221.01 on Wednesday. The company has a market capitalization of $88.13 billion, a PE ratio of 11.99, a P/E/G ratio of 0.88 and a beta of 0.90. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom Inc has a 12-month low of $197.46 and a 12-month high of $285.68.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.10 earnings per share. Equities analysts predict that Broadcom Inc will post 18.09 earnings per share for the current year.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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