Shell Asset Management Co. lifted its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 47.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 49,773 shares of the semiconductor manufacturer’s stock after buying an additional 15,977 shares during the period. Shell Asset Management Co.’s holdings in Broadcom were worth $12,280,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Marcus Capital LLC purchased a new position in shares of Broadcom during the 2nd quarter valued at $364,000. BP PLC purchased a new position in shares of Broadcom during the 2nd quarter valued at $12,135,000. Wesbanco Bank Inc. purchased a new position in shares of Broadcom during the 2nd quarter valued at $19,879,000. Cambridge Investment Research Advisors Inc. lifted its position in shares of Broadcom by 134.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 19,591 shares of the semiconductor manufacturer’s stock valued at $4,834,000 after buying an additional 11,234 shares during the last quarter. Finally, KBC Group NV purchased a new position in shares of Broadcom during the 2nd quarter valued at $10,500,000. 85.12% of the stock is currently owned by institutional investors.
In other news, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $238.62, for a total value of $4,772,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,194 shares of company stock valued at $14,266,145. Company insiders own 3.30% of the company’s stock.
A number of research analysts have recently commented on AVGO shares. MKM Partners dropped their price target on Broadcom to $255.00 in a research report on Friday, September 7th. Mizuho reaffirmed a “buy” rating and set a $280.00 price target on shares of Broadcom in a research report on Friday, September 7th. Sanford C. Bernstein set a $310.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday, September 7th. Canaccord Genuity reiterated a “buy” rating and set a $335.00 price objective (up from $300.00) on shares of Broadcom in a research note on Friday, September 7th. Finally, Craig Hallum reiterated a “buy” rating and set a $300.00 price objective (down from $330.00) on shares of Broadcom in a research note on Friday, September 7th. Nine research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $290.02.
NASDAQ AVGO opened at $229.90 on Monday. Broadcom Inc has a fifty-two week low of $197.46 and a fifty-two week high of $285.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. The company has a market capitalization of $95.05 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 0.91 and a beta of 0.99.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping the consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the business posted $4.10 EPS. The business’s revenue was up 13.4% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.
Broadcom Company Profile
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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