Financial Counselors Inc. Sells 11,541 Shares of Broadcom Inc. (NASDAQ:AVGO)

Financial Counselors Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 537,123 shares of the semiconductor manufacturer's stock after selling 11,541 shares during the period. Broadcom comprises 1.4% of Financial Counselors Inc.'s holdings, making the stock its 12th largest position. Financial Counselors Inc.'s holdings in Broadcom were worth $89,931,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter worth about $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter valued at about $25,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AVGO shares. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Barclays increased their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $282.71.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock worth $221,433,761 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO traded down $1.00 during trading hours on Monday, hitting $274.18. The company had a trading volume of 16,743,337 shares, compared to its average volume of 28,527,816. The business has a fifty day moving average of $238.77 and a 200-day moving average of $217.17. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.69, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Broadcom Company 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.