Icon Wealth Partners LLC purchased a new position in Broadcom Inc (NASDAQ:AVGO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,425 shares of the semiconductor manufacturer’s stock, valued at approximately $346,000.
A number of other large investors have also modified their holdings of AVGO. Massey Quick Simon & CO. LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $104,000. Zions Bancorporation acquired a new position in shares of Broadcom in the 2nd quarter valued at about $109,000. MUFG Americas Holdings Corp acquired a new position in shares of Broadcom in the 2nd quarter valued at about $109,000. MUFG Securities EMEA plc acquired a new position in shares of Broadcom in the 2nd quarter valued at about $117,000. Finally, First Personal Financial Services acquired a new position in shares of Broadcom in the 2nd quarter valued at about $126,000. 84.21% of the stock is currently owned by hedge funds and other institutional investors.
AVGO stock opened at $221.42 on Thursday. The company has a current ratio of 5.87, a quick ratio of 5.29 and a debt-to-equity ratio of 0.55. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The company has a market cap of $94.55 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.83. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. During the same period in the previous year, the business earned $3.69 EPS. Broadcom’s revenue for the quarter was up 19.4% compared to the same quarter last year. equities analysts forecast that Broadcom Inc will post 17.52 EPS for the current fiscal year.
In other Broadcom news, SVP Bryan Ingram sold 20,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $261.84, for a total transaction of $5,236,800.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 130,604 shares of company stock worth $31,572,092 over the last 90 days. 3.30% of the stock is owned by company insiders.
Several research firms have recently weighed in on AVGO. DA Davidson reduced their price objective on Broadcom to $300.00 and set a “positive” rating on the stock in a research note on Thursday, May 10th. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. ValuEngine raised 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. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $291.87.
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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