Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 69,357 shares of the semiconductor manufacturer’s stock, valued at approximately $17,112,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Marcus Capital LLC bought a new position in Broadcom during the second quarter valued at about $364,000. BP PLC acquired a new stake in Broadcom during the second quarter valued at approximately $12,135,000. Wesbanco Bank Inc. acquired a new stake in Broadcom during the second quarter valued at approximately $19,879,000. Sigma Investment Counselors Inc. acquired a new stake in Broadcom during the second quarter valued at approximately $286,000. Finally, KBC Group NV acquired a new stake in Broadcom during the second quarter valued at approximately $10,500,000. Hedge funds and other institutional investors own 88.09% of the company’s stock.
In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total value of $4,772,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,194 shares of company stock worth $13,785,345. Company insiders own 3.30% of the company’s stock.
Shares of AVGO opened at $238.99 on Friday. The company has a market capitalization of $96.91 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 0.95 and a beta of 0.99. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. Broadcom Inc has a one year low of $197.46 and a one year high of $285.68.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. Broadcom’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.10 EPS. On average, sell-side analysts expect that Broadcom Inc will post 18.09 EPS for the current fiscal year.
A number of research firms have weighed in on AVGO. Mizuho reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, October 5th. Piper Jaffray Companies set a $293.00 price objective on Broadcom and gave the company a “buy” rating in a report on Tuesday, September 25th. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a report on Friday, September 21st. ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Nomura raised Broadcom from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $225.00 to $300.00 in a report on Monday, September 17th. Eight equities research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $290.97.
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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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