Cary Street Partners Investment Advisory LLC Has $3.60 Million Holdings in Broadcom Inc. $AVGO

Cary Street Partners Investment Advisory LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 13.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,059 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,521 shares during the period. Broadcom accounts for about 1.7% of Cary Street Partners Investment Advisory LLC’s portfolio, making the stock its 7th biggest position. Cary Street Partners Investment Advisory LLC’s holdings in Broadcom were worth $3,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Sawyer & Company Inc increased its holdings in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares during the period. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $27,000. Legend Financial Advisors Inc. bought a new position in Broadcom in the second quarter valued at approximately $28,000. LGT Financial Advisors LLC acquired a new position in Broadcom during the second quarter valued at approximately $31,000. Finally, New England Capital Financial Advisors LLC bought a new stake in Broadcom during the second quarter worth $31,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 2.4%

Shares of AVGO stock opened at $390.24 on Friday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $403.00. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.33 and a beta of 1.19. The stock has a 50-day moving average of $356.79 and a 200-day moving average of $312.12.

Broadcom (NASDAQ:AVGO) last released its earnings results 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 net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVGO. Wells Fargo & Company upped their price objective on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Argus boosted their target price on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Deutsche Bank Aktiengesellschaft set a $400.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Tuesday, October 14th. Barclays set a $450.00 price objective on shares of Broadcom and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a research note on Monday, December 1st. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average target price of $391.04.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $331.14, for a total transaction of $264,912.00. Following the transaction, the director directly owned 21,382 shares of the company’s stock, valued at $7,080,435.48. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the completion of the sale, the insider directly owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. This trade represents a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 3,550 shares of company stock worth $1,227,869 and have sold 665,271 shares worth $225,483,192. 2.00% of the stock is currently owned by company insiders.

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.