Empire Financial Management Company LLC Purchases 18,072 Shares of Broadcom Inc. (NASDAQ:AVGO)

Empire Financial Management Company LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 820.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 20,274 shares of the semiconductor manufacturer’s stock after acquiring an additional 18,072 shares during the quarter. Broadcom makes up approximately 1.1% of Empire Financial Management Company LLC’s portfolio, making the stock its 24th largest position. Empire Financial Management Company LLC’s holdings in Broadcom were worth $3,497,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NCP Inc. boosted its stake in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after buying an additional 400 shares in the last quarter. ORG Partners LLC boosted its stake in shares of Broadcom by 1,197.8% in the 2nd quarter. ORG Partners LLC now owns 597 shares of the semiconductor manufacturer’s stock valued at $978,000 after purchasing an additional 551 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in shares of Broadcom by 20.6% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 692 shares of the semiconductor manufacturer’s stock valued at $1,110,000 after purchasing an additional 118 shares in the last quarter. Leavell Investment Management Inc. grew its holdings in shares of Broadcom by 14.7% in the 2nd quarter. Leavell Investment Management Inc. now owns 1,580 shares of the semiconductor manufacturer’s stock worth $2,537,000 after purchasing an additional 202 shares during the last quarter. Finally, J.Safra Asset Management Corp increased its position in shares of Broadcom by 310.4% during the 2nd quarter. J.Safra Asset Management Corp now owns 275 shares of the semiconductor manufacturer’s stock worth $442,000 after purchasing an additional 208 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 4.0 %

Shares of AVGO stock opened at $171.81 on Wednesday. Broadcom Inc. has a 52-week low of $95.61 and a 52-week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market cap of $802.45 billion, a price-to-earnings ratio of 149.40, a PEG ratio of 2.11 and a beta of 1.13. The firm’s 50-day moving average is $173.14 and its 200-day moving average is $163.05.

Insider Activity

In other news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares of the company’s stock, valued at $70,744,366. This trade represents a 4.83 % 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 valued at $53,540,590 over the last three months. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. Rosenblatt Securities decreased their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Truist Financial increased their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group lifted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $198.09.

Broadcom 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.