MainStreet Investment Advisors LLC bought a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,890 shares of the semiconductor manufacturer’s stock, valued at approximately $685,000.
A number of other institutional investors and hedge funds have also modified their holdings of AVGO. Norges Bank bought a new stake in Broadcom in the 4th quarter worth approximately $1,159,267,000. Capital International Investors increased its stake in Broadcom by 7.6% in the 4th quarter. Capital International Investors now owns 29,539,532 shares of the semiconductor manufacturer’s stock worth $9,335,080,000 after acquiring an additional 2,089,628 shares during the last quarter. American International Group Inc. increased its stake in Broadcom by 408.2% in the 1st quarter. American International Group Inc. now owns 886,622 shares of the semiconductor manufacturer’s stock worth $210,218,000 after acquiring an additional 712,175 shares during the last quarter. Investec Asset Management LTD increased its stake in Broadcom by 107.3% in the 4th quarter. Investec Asset Management LTD now owns 1,053,905 shares of the semiconductor manufacturer’s stock worth $333,055,000 after acquiring an additional 545,500 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Broadcom by 2.0% in the 1st quarter. BlackRock Inc. now owns 25,415,446 shares of the semiconductor manufacturer’s stock worth $6,026,003,000 after acquiring an additional 508,484 shares during the last quarter. 82.01% of the stock is currently owned by institutional investors.
Shares of NASDAQ:AVGO traded up $1.85 during midday trading on Friday, hitting $276.65. The company had a trading volume of 1,723,932 shares, compared to its average volume of 2,105,755. Broadcom Inc has a twelve month low of $155.67 and a twelve month high of $331.58. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.56 and a quick ratio of 1.44. The stock has a market cap of $109.86 billion, a price-to-earnings ratio of 45.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93. The business’s 50-day simple moving average is $260.81 and its 200-day simple moving average is $287.44.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 EPS for the quarter, missing the consensus estimate of $5.33 by ($0.08). Broadcom had a net margin of 11.64% and a return on equity of 32.46%. The company had revenue of $5.86 billion during the quarter, compared to analyst estimates of $5.99 billion. During the same period in the prior year, the business posted $5.55 EPS. Broadcom’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc will post 17.43 EPS for the current year.
A number of research firms have issued reports on AVGO. Wells Fargo & Co reaffirmed a “hold” rating on shares of Broadcom in a research note on Friday, March 13th. UBS Group reduced their price objective on Broadcom from $360.00 to $325.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Charter Equity raised Broadcom from a “market perform” rating to an “outperform” rating in a research note on Sunday, April 19th. SunTrust Banks cut their target price on Broadcom from $366.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. They noted that the move was a valuation call. Finally, Citigroup cut their target price on Broadcom from $340.00 to $303.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $314.00.
In other Broadcom news, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $257.25, for a total transaction of $514,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 62,500 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $292.86, for a total value of $18,303,750.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 144,494 shares of company stock valued at $34,947,312. 3.30% of the stock is owned by insiders.
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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