SG Americas Securities LLC lowered its position in shares of Broadcom Inc (NASDAQ:AVGO) by 59.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,458 shares of the semiconductor manufacturer’s stock after selling 42,563 shares during the quarter. SG Americas Securities LLC’s holdings in Broadcom were worth $7,856,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the business. Pinnacle Bank increased its holdings in shares of Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $27,000. Liberty Wealth Management LLC increased its holdings in shares of Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 35 shares during the last quarter. Marquette Asset Management LLC acquired a new stake in shares of Broadcom in the third quarter valued at approximately $28,000. Finally, Garrett Wealth Advisory Group LLC acquired a new stake in shares of Broadcom in the third quarter valued at approximately $28,000. 84.98% of the stock is owned by institutional investors and hedge funds.
Shares of AVGO traded up $1.67 during midday trading on Friday, hitting $313.41. 1,782,900 shares of the stock were exchanged, compared to its average volume of 2,653,873. The stock has a fifty day simple moving average of $285.95 and a 200 day simple moving average of $285.07. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32. Broadcom Inc has a 52-week low of $217.61 and a 52-week high of $323.20. The firm has a market cap of $124.57 billion, a P/E ratio of 16.64, a P/E/G ratio of 1.36 and a beta of 0.90.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the firm posted $4.98 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc will post 16.97 EPS for the current fiscal year.
In related news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.43, for a total transaction of $5,788,600.00. Also, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. Insiders have sold 62,000 shares of company stock worth $17,550,860 in the last quarter. Insiders own 3.30% of the company’s stock.
Several research firms recently commented on AVGO. Susquehanna Bancshares increased their price target on Broadcom from $315.00 to $345.00 and gave the company a “positive” rating in a report on Friday, September 13th. BMO Capital Markets increased their price target on Broadcom to $310.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Loop Capital cut Broadcom from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Mizuho reaffirmed a “buy” rating and issued a $340.00 price target (up previously from $330.00) on shares of Broadcom in a report on Friday, September 13th. Finally, Sanford C. Bernstein set a $340.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $313.69.
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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