Smith Salley & Associates purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,137 shares of the semiconductor manufacturer’s stock, valued at approximately $2,007,000.
Several other hedge funds have also modified their holdings of the company. Massey Quick Simon & CO. LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $104,000. Zions Bancorporation acquired a new position in shares of Broadcom in the 2nd quarter valued at $109,000. MUFG Americas Holdings Corp acquired a new position in shares of Broadcom in the 2nd quarter valued at $109,000. MUFG Securities EMEA plc acquired a new position in shares of Broadcom in the 2nd quarter valued at $117,000. Finally, First Personal Financial Services acquired a new position in shares of Broadcom in the 2nd quarter valued at $126,000. 88.09% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $231.03, for a total transaction of $4,620,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,194 shares of company stock worth $13,785,345. Corporate insiders own 3.30% of the company’s stock.
AVGO stock opened at $238.99 on Friday. 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 52-week low of $197.46 and a 52-week high of $285.68. The stock has a market cap of $96.91 billion, a PE ratio of 16.71, a PEG ratio of 0.95 and a beta of 0.99.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the company posted $4.10 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.
AVGO has been the topic of several research reports. MKM Partners cut their target price on Broadcom to $255.00 in a research report on Friday, September 7th. SunTrust Banks cut their target price on Broadcom to $325.00 and set a “buy” rating on the stock in a research report on Monday, July 23rd. UBS Group cut their target price on Broadcom from $330.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, July 20th. Bank of America raised Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday, September 7th. Finally, Craig Hallum reissued a “buy” rating and issued a $300.00 target price (down from $330.00) on shares of Broadcom in a research report on Friday, September 7th. Eight analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $290.97.
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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