Monetary Management Group Inc. bought a new position in Broadcom Inc (NASDAQ:AVGO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,974 shares of the semiconductor manufacturer’s stock, valued at approximately $4,361,000. Broadcom comprises about 1.8% of Monetary Management Group Inc.’s portfolio, making the stock its 12th largest position.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Marcus Capital LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $364,000. BP PLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $12,135,000. Wesbanco Bank Inc. acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $19,879,000. Sigma Investment Counselors Inc. acquired a new position in Broadcom during the second quarter valued at approximately $286,000. Finally, KBC Group NV acquired a new position in Broadcom during the second quarter valued at approximately $10,500,000. 84.21% of the stock is owned by institutional investors.
Shares of AVGO stock opened at $221.42 on Thursday. 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 firm has a market capitalization of $94.55 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.69 earnings per share. analysts anticipate that Broadcom Inc will post 17.52 earnings per share for the current fiscal year.
A number of brokerages recently issued reports on AVGO. BidaskClub upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. Raymond James cut shares of Broadcom from an “outperform” rating to a “market perform” rating in a report on Friday, July 13th. Bank of America boosted their price objective on shares of Broadcom from $285.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 8th. Citigroup boosted their price objective on shares of Broadcom from $275.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 8th. Finally, Cowen decreased their price objective on shares of Broadcom from $300.00 to $245.00 and set an “outperform” rating for the company in a report on Thursday, July 12th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average price target of $291.87.
In other news, SVP Bryan Ingram sold 10,604 shares of the business’s stock in a transaction on Friday, June 15th. The shares were sold at an average price of $270.02, for a total value of $2,863,292.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $204.90, for a total transaction of $4,098,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 130,604 shares of company stock worth $31,572,092. 3.30% of the stock is currently owned by 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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