Cigna Investments Inc. New raised its position in Broadcom Inc (NASDAQ:AVGO) by 6.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,147 shares of the semiconductor manufacturer’s stock after buying an additional 650 shares during the quarter. Cigna Investments Inc. New’s holdings in Broadcom were worth $2,644,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital International Investors grew its holdings in Broadcom by 7.6% in the 4th quarter. Capital International Investors now owns 29,539,532 shares of the semiconductor manufacturer’s stock valued at $9,335,080,000 after buying an additional 2,089,628 shares in the last quarter. BlackRock Inc. grew its holdings in Broadcom by 2.0% in the 1st quarter. BlackRock Inc. now owns 25,415,446 shares of the semiconductor manufacturer’s stock valued at $6,026,003,000 after buying an additional 508,484 shares in the last quarter. State Street Corp grew its holdings in Broadcom by 0.9% in the 4th quarter. State Street Corp now owns 16,344,681 shares of the semiconductor manufacturer’s stock valued at $5,165,246,000 after buying an additional 138,951 shares in the last quarter. Geode Capital Management LLC grew its holdings in Broadcom by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 5,575,151 shares of the semiconductor manufacturer’s stock valued at $1,758,455,000 after buying an additional 83,589 shares in the last quarter. Finally, Norges Bank acquired a new position in Broadcom in the 4th quarter valued at $1,159,267,000. 82.01% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on the company. Rosenblatt Securities reduced their target price on Broadcom from $370.00 to $350.00 and set a “buy” rating on the stock in a report on Friday, March 13th. BMO Capital Markets raised Broadcom from a “market perform” rating to an “outperform” rating and set a $330.00 target price on the stock in a report on Monday, March 16th. Bank of America reissued a “buy” rating on shares of Broadcom in a report on Thursday. SunTrust Banks reduced their target price on Broadcom from $366.00 to $300.00 and set a “buy” rating on the stock in a report on Friday, March 13th. They noted that the move was a valuation call. Finally, Citigroup reduced their target price on Broadcom from $340.00 to $303.00 and set a “buy” rating on the stock in a report on Monday, March 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $314.00.
In related news, CEO Hock E. Tan sold 62,500 shares of Broadcom stock in a transaction on Monday, February 24th. The stock was sold at an average price of $292.86, for a total transaction of $18,303,750.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Charlie B. Kawwas sold 1,348 shares of Broadcom stock in a transaction on 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 sold 144,494 shares of company stock valued at $34,947,312 in the last three months. Insiders own 3.30% of the company’s stock.
AVGO stock traded up $1.85 during mid-day trading on Friday, reaching $276.65. The company’s stock had a trading volume of 1,723,932 shares, compared to its average volume of 2,105,755. The company has a market cap of $109.86 billion, a price-to-earnings ratio of 45.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93. The business’s 50 day moving average price is $260.81 and its 200 day moving average price is $287.44. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 1.74. Broadcom Inc has a 12 month low of $155.67 and a 12 month high of $331.58.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $5.33 by ($0.08). The business had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $5.99 billion. Broadcom had a return on equity of 32.46% and a net margin of 11.64%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.55 earnings per share. As a group, equities analysts expect that Broadcom Inc will post 17.43 EPS for the current fiscal 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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