Bank Pictet & Cie Asia Ltd. bought a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,560 shares of the semiconductor manufacturer’s stock, valued at approximately $1,349,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Banque Pictet & Cie SA bought a new position in Broadcom during the second quarter valued at about $8,924,000. Lucia Wealth Services LLC bought a new position in Broadcom during the second quarter valued at about $444,000. Peapack Gladstone Financial Corp bought a new position in Broadcom during the second quarter valued at about $502,000. GSA Capital Partners LLP bought a new position in Broadcom during the second quarter valued at about $788,000. Finally, Parsons Capital Management Inc. RI bought a new position in Broadcom during the second quarter valued at about $490,000. Institutional investors own 82.46% of the company’s stock.
AVGO stock opened at $210.51 on Wednesday. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $285.68. The stock has a market cap of $90.34 billion, a P/E ratio of 14.72, a PEG ratio of 0.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.29 and a current ratio of 5.87.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.83. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. During the same period last year, the business earned $3.69 earnings per share. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. sell-side analysts predict that Broadcom Inc will post 17.48 earnings per share for the current fiscal year.
Several research firms have weighed in on AVGO. DA Davidson cut their target price on Broadcom to $300.00 and set a “positive” rating on the stock in a report on Thursday, May 10th. Sanford C. Bernstein reiterated a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. ValuEngine upgraded Broadcom from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 25th. Zacks Investment Research lowered Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, May 16th. Finally, Longbow Research lowered Broadcom from a “buy” rating to a “neutral” rating in a research note on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $290.77.
In other Broadcom news, SVP Bryan Ingram sold 10,604 shares of Broadcom 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 filing with the SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Wednesday, August 15th. The shares were 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. Over the last three months, insiders have sold 140,604 shares of company stock worth $34,075,792. 3.30% of the stock is owned by company 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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