Ironwood Investment Counsel LLC Has $5.14 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Ironwood Investment Counsel LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 881.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 29,776 shares of the semiconductor manufacturer’s stock after purchasing an additional 26,743 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Broadcom were worth $5,136,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVGO. Caisse DE Depot ET Placement DU Quebec raised its position in Broadcom by 1,923.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,877,959 shares of the semiconductor manufacturer’s stock valued at $496,448,000 after purchasing an additional 2,735,737 shares during the last quarter. Aragon Global Management LP increased its stake in shares of Broadcom by 900.0% in the third quarter. Aragon Global Management LP now owns 28,600 shares of the semiconductor manufacturer’s stock valued at $4,934,000 after buying an additional 25,740 shares during the period. Circle Wealth Management LLC raised its holdings in Broadcom by 1,193.5% in the 3rd quarter. Circle Wealth Management LLC now owns 14,823 shares of the semiconductor manufacturer’s stock valued at $2,557,000 after buying an additional 13,677 shares during the last quarter. White Knight Strategic Wealth Advisors LLC boosted its position in Broadcom by 900.0% during the 3rd quarter. White Knight Strategic Wealth Advisors LLC now owns 3,820 shares of the semiconductor manufacturer’s stock worth $659,000 after buying an additional 3,438 shares during the period. Finally, Fred Alger Management LLC grew its holdings in Broadcom by 1,254.3% during the 3rd quarter. Fred Alger Management LLC now owns 3,059,770 shares of the semiconductor manufacturer’s stock worth $527,810,000 after acquiring an additional 2,833,832 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on 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 transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 1.5 %

Broadcom stock opened at $162.08 on Friday. The firm has a market capitalization of $757.01 billion, a price-to-earnings ratio of 140.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. The firm’s fifty day moving average price is $173.39 and its two-hundred day moving average price is $161.69. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. Broadcom’s payout ratio is presently 184.19%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

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.