Wade G W & Inc. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 785 shares of the semiconductor manufacturer’s stock, valued at approximately $286,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Broadcom by 2.9% in the 2nd quarter. BlackRock Inc. now owns 26,151,390 shares of the semiconductor manufacturer’s stock worth $8,253,640,000 after purchasing an additional 735,944 shares during the last quarter. SG Americas Securities LLC grew its stake in Broadcom by 105.8% in the 2nd quarter. SG Americas Securities LLC now owns 29,686 shares of the semiconductor manufacturer’s stock valued at $9,369,000 after buying an additional 545,615 shares in the last quarter. Morgan Stanley grew its stake in Broadcom by 20.1% in the 1st quarter. Morgan Stanley now owns 1,958,028 shares of the semiconductor manufacturer’s stock valued at $464,250,000 after buying an additional 327,153 shares in the last quarter. Schafer Cullen Capital Management Inc grew its stake in Broadcom by 21,686.1% in the 3rd quarter. Schafer Cullen Capital Management Inc now owns 217,861 shares of the semiconductor manufacturer’s stock valued at $79,371,000 after buying an additional 216,861 shares in the last quarter. Finally, Rafferty Asset Management LLC grew its stake in Broadcom by 256.7% in the 2nd quarter. Rafferty Asset Management LLC now owns 270,437 shares of the semiconductor manufacturer’s stock valued at $85,353,000 after buying an additional 194,629 shares in the last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.
Several research analysts have commented on AVGO shares. UBS Group raised their price target on shares of Broadcom from $335.00 to $425.00 and gave the company a “buy” rating in a report on Friday, September 4th. BMO Capital Markets raised their price target on shares of Broadcom from $350.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, August 31st. They noted that the move was a valuation call. Raymond James reaffirmed a “hold” rating on shares of Broadcom in a report on Friday, September 4th. KeyCorp lifted their price objective on shares of Broadcom from $360.00 to $410.00 and gave the stock an “overweight” rating in a report on Friday, September 4th. Finally, Credit Suisse Group lifted their price objective on shares of Broadcom from $400.00 to $420.00 and gave the stock an “outperform” rating in a report on Friday, September 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-eight have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $383.61.
AVGO stock opened at $379.00 on Tuesday. Broadcom Inc. has a 12-month low of $155.67 and a 12-month high of $393.89. The company has a current ratio of 2.04, a quick ratio of 1.88 and a debt-to-equity ratio of 1.83. The firm’s 50-day moving average price is $368.80 and its two-hundred day moving average price is $328.73. The stock has a market capitalization of $154.04 billion, a price-to-earnings ratio of 71.45, a PEG ratio of 1.34 and a beta of 0.98.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 3rd. The semiconductor manufacturer reported $5.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.24 by $0.16. Broadcom had a net margin of 10.70% and a return on equity of 32.44%. The company had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the previous year, the company earned $5.16 earnings per share. Broadcom’s quarterly revenue was up 5.5% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 18.15 EPS for the current year.
In other Broadcom news, CEO Hock E. Tan sold 57,172 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $335.05, for a total value of $19,155,478.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 4,586 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $354.01, for a total transaction of $1,623,489.86. The disclosure for this sale can be found here. Insiders have sold 504,380 shares of company stock worth $182,924,394 in the last quarter. 3.30% of the stock is owned by corporate 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 three segments: Semiconductor Solutions, Infrastructure Software, and Intellectual Property licensing.
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