Chemical Bank cut its stake in Broadcom Inc (NASDAQ:AVGO) by 2.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 20,872 shares of the semiconductor manufacturer’s stock after selling 597 shares during the quarter. Chemical Bank’s holdings in Broadcom were worth $5,150,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Massey Quick Simon & CO. LLC purchased a new position in Broadcom in the second quarter valued at about $104,000. Zions Bancorporation purchased a new position in Broadcom in the second quarter valued at about $109,000. MUFG Americas Holdings Corp purchased a new position in Broadcom in the second quarter valued at about $109,000. MUFG Securities EMEA plc purchased a new position in Broadcom in the second quarter valued at about $117,000. Finally, First Personal Financial Services purchased a new position in Broadcom in the second quarter valued at about $126,000. 88.09% of the stock is owned by institutional investors.
AVGO has been the subject of a number of research analyst reports. Goldman Sachs Group cut shares of Broadcom from a “buy” rating to a “neutral” rating and dropped their target price for the company from $300.00 to $220.00 in a report on Wednesday, July 18th. ValuEngine cut shares of Broadcom from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Mizuho reaffirmed a “buy” rating and issued a $280.00 target price on shares of Broadcom in a report on Friday, September 7th. Bank of America raised shares of Broadcom from a “neutral” rating to a “buy” rating in a report on Friday, September 7th. Finally, MKM Partners dropped their target price on shares of Broadcom to $255.00 in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-two have assigned a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and an average target price of $290.97.
In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 document filed with the SEC, which is accessible through the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction on Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,194 shares of company stock worth $13,785,345. 3.30% of the stock is owned by company insiders.
Shares of NASDAQ AVGO opened at $240.25 on Friday. Broadcom Inc has a 1 year low of $197.46 and a 1 year high of $285.68. The company has a market cap of $94.37 billion, a P/E ratio of 16.80, a PEG ratio of 0.92 and a beta of 0.99. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business earned $4.10 earnings per share. Broadcom’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc will post 18.09 earnings per share for the current year.
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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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