Broadcom Inc. (NASDAQ:AVGO) is Financial Counselors Inc.’s 9th Largest Position

Financial Counselors Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 992.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 552,183 shares of the semiconductor manufacturer’s stock after acquiring an additional 501,619 shares during the period. Broadcom accounts for about 1.4% of Financial Counselors Inc.’s holdings, making the stock its 9th biggest position. Financial Counselors Inc.’s holdings in Broadcom were worth $95,252,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVGO. Jacobs Levy Equity Management Inc. grew its stake in Broadcom by 166.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock worth $3,070,000 after buying an additional 1,446 shares in the last quarter. Soltis Investment Advisors LLC grew its stake in Broadcom by 7.4% in the 1st quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer’s stock worth $690,000 after buying an additional 36 shares in the last quarter. Cypress Asset Management Inc. TX grew its stake in Broadcom by 26.1% in the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock worth $8,345,000 after buying an additional 1,282 shares in the last quarter. American Trust grew its stake in Broadcom by 9.8% in the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock worth $656,000 after buying an additional 44 shares in the last quarter. Finally, Jackson Wealth Management LLC grew its stake in Broadcom by 2.2% in the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock worth $24,271,000 after buying an additional 386 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated 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 sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AVGO. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Truist Financial upped their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. William Blair initiated coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Rosenblatt Securities cut their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Stock Down 3.1 %

Shares of NASDAQ AVGO opened at $159.67 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $173.57 and a two-hundred day simple moving average of $161.49. The firm has a market capitalization of $745.75 billion, a PE ratio of 138.84, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the business earned $0.95 EPS. Equities analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

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.