Capital Planning Advisors LLC bought a new position in Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,003 shares of the semiconductor manufacturer’s stock, valued at approximately $1,457,000.
Several other institutional investors have also modified their holdings of AVGO. Jennison Associates LLC acquired a new stake in Broadcom during the second quarter valued at $1,392,514,000. Bank of New York Mellon Corp acquired a new stake in Broadcom during the second quarter valued at $1,127,357,000. Fred Alger Management Inc. acquired a new stake in Broadcom during the second quarter valued at $463,127,000. Schwab Charles Investment Management Inc. acquired a new stake in Broadcom during the second quarter valued at $357,175,000. Finally, Cantillon Capital Management LLC acquired a new stake in Broadcom during the second quarter valued at $338,012,000. 83.09% of the stock is owned by institutional investors and hedge funds.
Broadcom stock opened at $209.27 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.29 and a current ratio of 5.87. The stock has a market capitalization of $91.62 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. Broadcom Inc has a 52 week low of $197.46 and a 52 week high of $285.68.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.83. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5 billion. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.69 earnings per share. analysts anticipate that Broadcom Inc will post 17.48 EPS for the current year.
A number of research firms recently issued reports on AVGO. DA Davidson reduced their price objective on Broadcom to $300.00 and set a “positive” rating for the company in a research report on Thursday, May 10th. Longbow Research cut Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, July 12th. JPMorgan Chase & Co. reduced their price objective on Broadcom from $340.00 to $337.00 and set an “overweight” rating for the company in a research report on Tuesday, May 1st. BidaskClub cut Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 28th. Finally, B. Riley cut Broadcom from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $308.00 to $245.00 in a research report on Thursday, July 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $290.77.
In other news, SVP Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $250.37, for a total value of $2,503,700.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Bryan Ingram sold 20,000 shares of Broadcom stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $261.84, for a total value of $5,236,800.00. The disclosure for this sale can be found here. Insiders sold 140,604 shares of company stock worth $34,075,792 over the last quarter. 3.30% of the stock is currently owned by corporate insiders.
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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