Argent Trust Co increased its stake in Broadcom Inc (NASDAQ:AVGO) by 72.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,296 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,058 shares during the quarter. Argent Trust Co’s holdings in Broadcom were worth $1,856,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Broadcom by 29.0% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 78,399 shares of the semiconductor manufacturer’s stock valued at $19,935,000 after buying an additional 17,639 shares in the last quarter. Cigna Investments Inc. New grew its stake in Broadcom by 9.0% in the fourth quarter. Cigna Investments Inc. New now owns 13,783 shares of the semiconductor manufacturer’s stock valued at $3,505,000 after purchasing an additional 1,134 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Broadcom by 26,295.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 11,904,869 shares in the last quarter. Allen Investment Management LLC purchased a new position in Broadcom in the fourth quarter valued at about $219,000. Finally, Victory Capital Management Inc. grew its stake in Broadcom by 134.8% in the fourth quarter. Victory Capital Management Inc. now owns 111,099 shares of the semiconductor manufacturer’s stock valued at $28,250,000 after purchasing an additional 63,777 shares in the last quarter. Institutional investors and hedge funds own 89.34% of the company’s stock.
In related news, SVP Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 13th. The stock was sold at an average price of $259.19, for a total transaction of $2,591,900.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Lewis C. Eggebrecht sold 2,000 shares of the business’s stock in a transaction dated Friday, December 14th. The shares were sold at an average price of $260.81, for a total value of $521,620.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,723 shares of company stock valued at $20,347,374 in the last three months. 3.30% of the stock is owned by insiders.
NASDAQ AVGO opened at $281.32 on Thursday. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $282.16. The company has a quick ratio of 3.41, a current ratio of 3.90 and a debt-to-equity ratio of 0.66. The stock has a market cap of $113.79 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 1.24 and a beta of 0.72.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 6th. The semiconductor manufacturer reported $5.85 earnings per share for the quarter, topping the consensus estimate of $5.58 by $0.27. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The business had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the firm earned $4.59 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc will post 18.59 EPS for the current year.
A number of research analysts have commented on AVGO shares. BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, November 8th. Deutsche Bank reaffirmed a “buy” rating and issued a $310.00 price target on shares of Broadcom in a research report on Thursday, November 8th. initiated coverage on Broadcom in a research report on Thursday, November 8th. They issued a “buy” rating and a $310.00 price target for the company. B. Riley raised Broadcom from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $250.00 to $300.00 in a research report on Monday, December 3rd. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price target on shares of Broadcom in a research report on Wednesday, December 5th. Nine research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company. Broadcom presently has an average rating of “Buy” and a consensus target price of $288.93.
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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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