Broadcom Inc. $AVGO Shares Bought by Cerity Partners LLC

Cerity Partners LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,879,439 shares of the semiconductor manufacturer’s stock after buying an additional 22,422 shares during the quarter. Broadcom comprises 1.4% of Cerity Partners LLC’s portfolio, making the stock its 11th largest holding. Cerity Partners LLC’s holdings in Broadcom were worth $793,718,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in AVGO. Assetmark Inc. grew its holdings in shares of Broadcom by 2.4% during the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the last quarter. Capital Counsel LLC NY acquired a new stake in shares of Broadcom in the 2nd quarter valued at about $221,000. Waterloo Capital L.P. grew its stake in Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after buying an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after buying an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC increased its position in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 2.4%

Shares of Broadcom stock opened at $390.24 on Friday. The firm has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a price-to-earnings-growth ratio of 1.33 and a beta of 1.19. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $403.00. The company’s 50-day simple moving average is $356.79 and its 200-day simple moving average is $312.12. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. During the same quarter in the previous year, the company earned $1.24 EPS. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 368,797 shares of Broadcom stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total value of $124,620,194.27. Following the sale, the director directly owned 37,722,534 shares in the company, valued at $12,746,821,463.94. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the transaction, the insider owned 25,295 shares of the company’s stock, valued at $8,798,106.90. The trade was a 13.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders acquired 3,550 shares of company stock worth $1,227,869 and sold 665,271 shares worth $225,483,192. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AVGO shares. Sanford C. Bernstein increased their price objective on Broadcom from $295.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, September 5th. Deutsche Bank Aktiengesellschaft set a $400.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Argus lifted their price objective on shares of Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Piper Sandler upped their target price on shares of Broadcom from $315.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, September 5th. Finally, Morgan Stanley reissued an “overweight” rating and set a $443.00 price target (up previously from $409.00) on shares of Broadcom in a report on Monday, December 1st. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average target price of $391.04.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.