Public Employees Retirement Association of Colorado lessened its holdings in Broadcom Inc (NASDAQ:AVGO) by 5.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,610 shares of the semiconductor manufacturer’s stock after selling 3,939 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Broadcom were worth $20,902,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Bank boosted its holdings in Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC boosted its holdings in Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 35 shares during the period. Daiwa SB Investments Ltd. acquired a new position in Broadcom in the first quarter worth $30,000. Destination Wealth Management acquired a new position in Broadcom in the first quarter worth $41,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Broadcom in the first quarter worth $45,000. 84.05% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have commented on AVGO shares. Citigroup decreased their price objective on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a report on Friday, June 14th. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating and set a $279.00 price objective for the company in a report on Tuesday, June 18th. JPMorgan Chase & Co. reduced their price objective on shares of Broadcom from $365.00 to $350.00 and set an “overweight” rating for the company in a report on Friday, June 14th. ValuEngine downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Mizuho reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Broadcom in a report on Sunday. Nine equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $304.32.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $264.00, for a total value of $5,280,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Bryan Ingram sold 13,466 shares of the company’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total value of $3,754,051.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,388 shares of company stock worth $18,198,482. Corporate insiders own 3.30% of the company’s stock.
NASDAQ AVGO traded down $8.47 on Wednesday, hitting $275.23. 48,995 shares of the company were exchanged, compared to its average volume of 2,849,475. The company’s 50 day moving average price is $285.77. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The company has a market cap of $110.62 billion, a price-to-earnings ratio of 14.58, a P/E/G ratio of 1.34 and a beta of 0.92. Broadcom Inc has a twelve month low of $202.77 and a twelve month high of $323.20.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.88 EPS. Equities research analysts expect that Broadcom Inc will post 17.43 earnings per share 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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