Sompo Japan Nipponkoa Asset Management CO. LTD. lowered its position in shares of Broadcom Inc (NASDAQ:AVGO) by 45.1% in the first quarter, HoldingsChannel reports. The fund owned 4,330 shares of the semiconductor manufacturer’s stock after selling 3,550 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Broadcom were worth $1,027,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in AVGO. Great Diamond Partners LLC acquired a new position in Broadcom during the 4th quarter worth approximately $27,000. Sterling Investment Advisors Ltd. acquired a new position in Broadcom during the 4th quarter worth approximately $31,000. Private Ocean LLC boosted its position in Broadcom by 1,566.7% during the 4th quarter. Private Ocean LLC now owns 100 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 94 shares during the last quarter. Islay Capital Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $32,000. Finally, Verus Capital Partners LLC acquired a new position in Broadcom during the 4th quarter worth approximately $34,000. 82.01% of the stock is owned by hedge funds and other institutional investors.
In other Broadcom news, CEO Hock E. Tan sold 62,500 shares of Broadcom stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $292.86, for a total value of $18,303,750.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $257.25, for a total value of $514,500.00. The disclosure for this sale can be found here. Insiders sold 144,494 shares of company stock worth $34,947,312 in the last 90 days. 3.30% of the stock is owned by company insiders.
Shares of NASDAQ AVGO traded up $1.85 during mid-day trading on Friday, reaching $276.65. The company had a trading volume of 1,723,932 shares, compared to its average volume of 2,105,755. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.44 and a current ratio of 1.56. Broadcom Inc has a one year low of $155.67 and a one year high of $331.58. The firm has a market cap of $109.86 billion, a price-to-earnings ratio of 45.65, a PEG ratio of 1.36 and a beta of 0.93. The business’s 50-day simple moving average is $260.81 and its 200 day simple moving average is $287.44.
Broadcom (NASDAQ:AVGO) last issued its quarterly 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 company had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $5.99 billion. During the same quarter in the previous year, the business posted $5.55 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc will post 17.43 EPS for the current year.
AVGO has been the subject of several recent analyst reports. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating and set a $211.00 price objective for the company. in a report 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 report on Friday, March 13th. ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a report on Tuesday, January 28th. Loop Capital raised Broadcom from a “hold” rating to a “buy” rating and set a $260.00 price objective for the company in a report on Friday, March 13th. Finally, TheStreet downgraded Broadcom from a “b” rating to a “c+” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have assigned a buy rating to the company. Broadcom presently has an average rating of “Buy” and an average price target of $314.00.
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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