Mutual of America Capital Management LLC purchased a new position in Broadcom Inc (NASDAQ:AVGO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 72,371 shares of the semiconductor manufacturer’s stock, valued at approximately $17,560,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC purchased a new position in shares of Broadcom in the second quarter worth $1,392,514,000. Bank of New York Mellon Corp purchased a new position in shares of Broadcom in the second quarter worth $1,127,357,000. Fred Alger Management Inc. purchased a new position in shares of Broadcom in the second quarter worth $463,127,000. Schwab Charles Investment Management Inc. purchased a new position in shares of Broadcom in the second quarter worth $357,175,000. Finally, Cantillon Capital Management LLC purchased a new position in shares of Broadcom in the second quarter worth $338,012,000. Institutional investors and hedge funds own 82.46% of the company’s stock.
NASDAQ AVGO opened at $206.72 on Tuesday. The company has a current ratio of 5.87, a quick ratio of 5.29 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $90.34 billion, a PE ratio of 14.46, a P/E/G ratio of 0.91 and a beta of 0.93. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping the Zacks’ consensus estimate of $4.05 by $0.83. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The business’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.69 earnings per share. equities research analysts anticipate that Broadcom Inc will post 17.48 earnings per share for the current year.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $204.90, for a total transaction of $4,098,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Bryan Ingram sold 10,604 shares of the stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $270.02, for a total transaction of $2,863,292.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,604 shares of company stock worth $34,075,792. Company insiders own 3.30% of the company’s stock.
A number of research firms recently issued reports on AVGO. Goldman Sachs Group downgraded shares of Broadcom from a “buy” rating to a “neutral” rating and decreased their price target for the company from $300.00 to $220.00 in a research note on Wednesday, July 18th. ValuEngine downgraded shares of Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Zacks Investment Research downgraded shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, May 16th. KeyCorp decreased their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 25th. Finally, BidaskClub downgraded shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, July 17th. Three research 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 company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $290.77.
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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