Alps Advisors Inc. Takes Position in Broadcom Inc (AVGO)

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Alps Advisors Inc. bought a new stake in shares of Broadcom Inc (NASDAQ:AVGO) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,504 shares of the semiconductor manufacturer’s stock, valued at approximately $643,000.

Other institutional investors have also recently made changes to their positions in the company. Edge Wealth Management LLC purchased a new position in Broadcom during the 2nd quarter valued at about $135,000. Security National Trust Co. purchased a new position in Broadcom during the 2nd quarter valued at about $163,000. Baldwin Brothers Inc. MA purchased a new position in Broadcom during the 2nd quarter valued at about $196,000. Squar Milner Financial Services LLC purchased a new position in Broadcom during the 2nd quarter valued at about $200,000. Finally, Stelac Advisory Services LLC purchased a new position in Broadcom during the 2nd quarter valued at about $210,000. Institutional investors own 83.09% of the company’s stock.

A number of brokerages recently commented on AVGO. DA Davidson lowered their target price on Broadcom to $300.00 and set a “positive” rating for the company in a report on Thursday, May 10th. Longbow Research cut Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. JPMorgan Chase & Co. decreased their price objective on Broadcom from $340.00 to $337.00 and set an “overweight” rating for the company in a research note on Tuesday, May 1st. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 28th. Finally, B. Riley cut Broadcom from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $308.00 to $245.00 in a research note on Thursday, July 12th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $290.77.

In related news, SVP Bryan Ingram sold 10,604 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $270.02, for a total transaction of $2,863,292.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $204.90, for a total value of $4,098,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,604 shares of company stock valued at $34,075,792. 3.30% of the stock is owned by company insiders.

AVGO stock opened at $209.27 on Friday. The company has a market cap of $91.62 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. Broadcom Inc has a fifty-two week low of $197.46 and a fifty-two week high of $285.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 5.87 and a quick ratio of 5.29.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.83. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5 billion. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.69 earnings per share. sell-side analysts anticipate that Broadcom Inc will post 17.48 earnings per share for the current fiscal year.

Broadcom 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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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