Swiss National Bank trimmed its position in shares of Broadcom Inc (NASDAQ:AVGO) by 5.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,307,113 shares of the semiconductor manufacturer’s stock after selling 77,900 shares during the period. Swiss National Bank owned approximately 0.33% of Broadcom worth $376,266,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in AVGO. Pinnacle Bank raised its holdings in Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Liberty Wealth Management LLC increased its holdings in shares of Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 35 shares during the last quarter. Daiwa SB Investments Ltd. acquired a new stake in shares of Broadcom in the first quarter valued at approximately $30,000. Destination Wealth Management acquired a new stake in shares of Broadcom in the first quarter valued at approximately $41,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Broadcom in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 84.05% of the company’s stock.
Several equities research analysts have issued reports on AVGO shares. BMO Capital Markets cut their target price on Broadcom from $270.00 to $260.00 and set a “market perform” rating for the company in a research note on Friday, June 14th. Summit Insights raised Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price target on the stock in a research note on Friday, June 14th. Rosenblatt Securities reissued a “buy” rating and set a $350.00 price target on shares of Broadcom in a research note on Monday, June 10th. Cowen reissued a “market perform” rating and set a $265.00 price target (down previously from $280.00) on shares of Broadcom in a research note on Friday, June 14th. Finally, Barclays decreased their price target on Broadcom from $360.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Ten research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. Broadcom presently has a consensus rating of “Buy” and a consensus target price of $304.32.
In other news, SVP Bryan Ingram sold 11,922 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,388 shares of company stock valued at $18,198,482. Corporate insiders own 3.30% of the company’s stock.
NASDAQ:AVGO traded up $6.11 on Friday, reaching $274.75. The stock had a trading volume of 92,609 shares, compared to its average volume of 2,106,762. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The company has a 50-day moving average of $285.34 and a 200 day moving average of $286.09. The stock has a market cap of $112.93 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 1.39 and a beta of 0.92. Broadcom Inc has a 12-month low of $204.68 and a 12-month high of $323.20.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The company’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business posted $4.88 EPS. On average, equities analysts predict that Broadcom Inc will post 17.23 EPS for the current year.
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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