Cambridge Financial Group Inc. trimmed its holdings in Broadcom Inc (NASDAQ:AVGO) by 1.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 21,634 shares of the semiconductor manufacturer’s stock after selling 360 shares during the quarter. Broadcom comprises approximately 3.5% of Cambridge Financial Group Inc.’s portfolio, making the stock its 14th biggest position. Cambridge Financial Group Inc.’s holdings in Broadcom were worth $5,129,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Broadcom in the 4th quarter worth about $454,000. Davis R M Inc. grew its stake in shares of Broadcom by 21.8% during the 4th quarter. Davis R M Inc. now owns 2,132 shares of the semiconductor manufacturer’s stock valued at $674,000 after purchasing an additional 382 shares during the period. Global Retirement Partners LLC grew its stake in shares of Broadcom by 74.2% during the 4th quarter. Global Retirement Partners LLC now owns 965 shares of the semiconductor manufacturer’s stock valued at $305,000 after purchasing an additional 411 shares during the period. J.W. Cole Advisors Inc. bought a new stake in shares of Broadcom during the 4th quarter valued at about $756,000. Finally, Hollencrest Capital Management grew its stake in shares of Broadcom by 4.1% during the 4th quarter. Hollencrest Capital Management now owns 1,267 shares of the semiconductor manufacturer’s stock valued at $401,000 after purchasing an additional 50 shares during the period. Institutional investors own 82.01% of the company’s stock.
Shares of NASDAQ AVGO traded up $1.85 during midday trading on Friday, reaching $276.65. 1,723,932 shares of the stock traded hands, compared to its average volume of 2,105,755. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.56 and a quick ratio of 1.44. The stock has a market capitalization of $109.86 billion, a PE ratio of 45.65, a P/E/G ratio of 1.36 and a beta of 0.93. Broadcom Inc has a one year low of $155.67 and a one year high of $331.58. The company’s 50 day moving average is $260.81 and its 200 day moving average is $287.44.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 EPS for the quarter, missing the Zacks’ consensus estimate of $5.33 by ($0.08). Broadcom had a return on equity of 32.46% and a net margin of 11.64%. The firm had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.99 billion. During the same period last year, the firm earned $5.55 EPS. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc will post 17.43 EPS for the current year.
A number of equities research analysts have issued reports on the company. UBS Group cut their price target on Broadcom from $360.00 to $325.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Royal Bank of Canada cut their price target on Broadcom from $360.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, March 13th. Daiwa Capital Markets upgraded Broadcom from a “neutral” rating to an “outperform” rating and set a $215.00 price target for the company in a research note on Wednesday, March 18th. Goldman Sachs Group cut their price objective on Broadcom from $308.00 to $264.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, Mizuho reiterated a “buy” rating and set a $315.00 price objective on shares of Broadcom in a research note on Thursday, March 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-nine have given a buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and a consensus target price of $314.00.
In related news, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $257.25, for a total transaction of $514,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 1,348 shares of Broadcom stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $264.39, for a total value of $356,397.72. The disclosure for this sale can be found here. Insiders have sold 144,494 shares of company stock valued at $34,947,312 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.
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.
Recommended Story: Gross Domestic Product (GDP)
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.