Shaker Investments LLC OH acquired a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 9,165 shares of the semiconductor manufacturer’s stock, valued at approximately $2,224,000. Broadcom accounts for about 1.4% of Shaker Investments LLC OH’s portfolio, making the stock its 20th biggest position.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Fred Alger Management Inc. acquired a new stake in Broadcom during the second quarter worth about $463,127,000. Swedbank acquired a new stake in shares of Broadcom during the second quarter valued at about $306,164,000. Hardman Johnston Global Advisors LLC acquired a new stake in shares of Broadcom during the second quarter valued at about $262,308,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Broadcom by 15.7% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 969,758 shares of the semiconductor manufacturer’s stock valued at $228,524,000 after acquiring an additional 131,845 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Broadcom during the second quarter valued at about $116,865,000. Hedge funds and other institutional investors own 83.10% of the company’s stock.
In related news, SVP Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $250.37, for a total value of $2,503,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $202.08, for a total transaction of $4,041,600.00. The disclosure for this sale can be found here. Insiders sold 120,604 shares of company stock valued at $29,977,792 in the last quarter. 3.30% of the stock is owned by insiders.
Broadcom stock traded up $4.39 during trading on Monday, reaching $225.44. The stock had a trading volume of 41,435 shares, compared to its average volume of 8,014,520. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The company has a quick ratio of 5.29, a current ratio of 5.87 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $95.42 billion, a P/E ratio of 15.83, a P/E/G ratio of 1.00 and a beta of 0.93.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.83. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5 billion. During the same quarter in the previous year, the firm earned $3.69 earnings per share. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. research analysts anticipate that Broadcom Inc will post 17.48 earnings per share for the current fiscal year.
Broadcom declared that its Board of Directors has initiated a share repurchase program on Thursday, April 12th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 12.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have weighed in on AVGO shares. Bank of America reiterated a “neutral” rating and set a $240.00 price target on shares of Broadcom in a research report on Monday, July 16th. KeyCorp dropped their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Monday, June 4th. BidaskClub upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Tuesday, June 5th. Finally, Morgan Stanley lifted their price target on shares of Broadcom from $305.00 to $320.00 and gave the company an “overweight” rating in a research report on Monday, April 30th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $292.71.
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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