Baird Financial Group Inc. trimmed its position in Broadcom Inc (NASDAQ:AVGO) by 17.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,903 shares of the semiconductor manufacturer’s stock after selling 9,327 shares during the period. Baird Financial Group Inc.’s holdings in Broadcom were worth $10,705,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Broadcom by 0.8% in the 3rd quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after purchasing an additional 209,280 shares in the last quarter. FMR LLC acquired a new position in shares of Broadcom during the 2nd quarter valued at about $2,768,560,000. Jennison Associates LLC acquired a new position in shares of Broadcom during the 2nd quarter valued at about $1,392,514,000. Northern Trust Corp acquired a new position in shares of Broadcom during the 2nd quarter valued at about $1,142,053,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Broadcom during the 2nd quarter valued at about $1,127,357,000. Institutional investors own 85.12% of the company’s stock.
AVGO opened at $237.41 on Monday. The company has a market cap of $98.16 billion, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 0.94 and a beta of 0.99. Broadcom Inc has a 1 year low of $197.46 and a 1 year high of $278.35. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42.
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 Zacks’ 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 firm had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the company earned $4.10 EPS. The company’s revenue was up 13.4% on a year-over-year basis. On average, analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The sale 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 stock in a transaction that occurred on Friday, September 28th. The shares were 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. Insiders sold 61,194 shares of company stock valued at $14,266,145 in the last ninety days. 3.30% of the stock is owned by corporate insiders.
A number of research firms have recently commented on AVGO. Canaccord Genuity reaffirmed a “buy” rating and set a $335.00 price objective (up previously from $300.00) on shares of Broadcom in a research note on Friday, September 7th. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, September 21st. B. Riley upped their price objective on shares of Broadcom from $245.00 to $250.00 and gave the company a “neutral” rating in a research note on Friday, September 7th. Sanford C. Bernstein set a $310.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, September 7th. Finally, Barclays began coverage on shares of Broadcom in a research note on Tuesday, August 7th. They set an “overweight” rating and a $265.00 price objective for the company. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $287.78.
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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