Smith Salley & Associates Purchases New Holdings in Broadcom Inc (AVGO)

Smith Salley & Associates purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the third quarter, HoldingsChannel.com reports. The fund purchased 8,137 shares of the semiconductor manufacturer’s stock, valued at approximately $2,007,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Birinyi Associates Inc. lifted its position in shares of Broadcom by 25.0% during the 3rd quarter. Birinyi Associates Inc. now owns 1,250 shares of the semiconductor manufacturer’s stock worth $308,000 after purchasing an additional 250 shares during the last quarter. Congress Asset Management Co. MA lifted its position in shares of Broadcom by 0.9% during the 3rd quarter. Congress Asset Management Co. MA now owns 34,263 shares of the semiconductor manufacturer’s stock worth $8,454,000 after purchasing an additional 305 shares during the last quarter. Beaumont Financial Partners LLC lifted its position in shares of Broadcom by 28.0% during the 3rd quarter. Beaumont Financial Partners LLC now owns 1,461 shares of the semiconductor manufacturer’s stock worth $361,000 after purchasing an additional 320 shares during the last quarter. Bainco International Investors lifted its position in shares of Broadcom by 0.6% during the 3rd quarter. Bainco International Investors now owns 56,077 shares of the semiconductor manufacturer’s stock worth $13,836,000 after purchasing an additional 325 shares during the last quarter. Finally, Triangle Securities Wealth Management lifted its position in shares of Broadcom by 12.7% during the 3rd quarter. Triangle Securities Wealth Management now owns 2,914 shares of the semiconductor manufacturer’s stock worth $719,000 after purchasing an additional 328 shares during the last quarter. Institutional investors and hedge funds own 88.09% of the company’s stock.

Several equities research analysts have recently issued reports on the stock. Mizuho reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, October 5th. Piper Jaffray Companies set a $293.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Tuesday, September 25th. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, September 21st. ValuEngine raised shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Nomura upgraded shares of Broadcom from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $225.00 to $300.00 in a research note on Monday, September 17th. Eight investment analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $290.97.

NASDAQ AVGO opened at $238.99 on Friday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $96.91 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 0.95 and a beta of 0.99. Broadcom Inc has a one year low of $197.46 and a one year high of $285.68.

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

In other news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $238.62, for a total transaction of $4,772,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,194 shares of company stock worth $13,785,345. 3.30% of the stock is currently owned by company insiders.

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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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