Van ECK Associates Corp purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 250,577 shares of the semiconductor manufacturer’s stock, valued at approximately $60,800,000.
Other hedge funds also recently modified their holdings of the company. Massey Quick Simon & CO. LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $104,000. Zions Bancorporation purchased a new position in Broadcom in the 2nd quarter valued at approximately $109,000. MUFG Americas Holdings Corp purchased a new position in Broadcom in the 2nd quarter valued at approximately $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom in the 2nd quarter valued at approximately $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom in the 2nd quarter valued at approximately $126,000. Institutional investors own 84.21% of the company’s stock.
AVGO has been the subject of a number of recent analyst reports. Goldman Sachs Group lowered shares of Broadcom from a “buy” rating to a “neutral” rating and reduced their price target for the company from $300.00 to $220.00 in a research report on Wednesday, July 18th. ValuEngine lowered shares of Broadcom from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Barclays initiated coverage on shares of Broadcom in a research report on Tuesday, August 7th. They set an “overweight” rating and a $265.00 price target for the company. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a research report on Wednesday, May 16th. Finally, KeyCorp reduced their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 25th. Two equities research 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. The company presently has an average rating of “Buy” and an average price target of $291.87.
In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $202.08, for a total transaction of $4,041,600.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Bryan Ingram sold 10,604 shares of the stock in a transaction that occurred on Friday, June 15th. The shares were 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. In the last quarter, insiders sold 130,604 shares of company stock worth $31,572,092. Insiders own 3.30% of the company’s stock.
Shares of NASDAQ AVGO opened at $222.44 on Thursday. The company has a market capitalization of $94.55 billion, a PE ratio of 15.50, a PEG ratio of 0.95 and a beta of 0.94. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. 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 issued its earnings results 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. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The business’s revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.69 earnings per share. research analysts anticipate that Broadcom Inc will post 17.52 earnings per share for the current year.
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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