Providence Capital Advisors LLC raised its position in shares of Broadcom Inc (NASDAQ:AVGO) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,416 shares of the semiconductor manufacturer’s stock after purchasing an additional 187 shares during the period. Providence Capital Advisors LLC’s holdings in Broadcom were worth $1,271,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in AVGO. Castleark Management LLC acquired a new position in shares of Broadcom during the second quarter worth $24,607,000. AlphaOne Investment Services LLC bought a new stake in Broadcom during the 2nd quarter worth $1,341,000. Breakline Capital LLC grew its position in Broadcom by 7.3% during the 2nd quarter. Breakline Capital LLC now owns 18,046 shares of the semiconductor manufacturer’s stock worth $5,195,000 after acquiring an additional 1,231 shares during the last quarter. APG Asset Management N.V. increased its holdings in Broadcom by 16.8% in the 2nd quarter. APG Asset Management N.V. now owns 241,739 shares of the semiconductor manufacturer’s stock worth $61,106,000 after purchasing an additional 34,700 shares in the last quarter. Finally, MML Investors Services LLC increased its holdings in Broadcom by 18.7% in the 2nd quarter. MML Investors Services LLC now owns 14,592 shares of the semiconductor manufacturer’s stock worth $4,200,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 84.63% of the company’s stock.
In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total value of $3,321,230.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total value of $5,409,200.00. The disclosure for this sale can be found here. Insiders have sold 85,388 shares of company stock worth $23,607,682 in the last quarter. Company insiders own 3.30% of the company’s stock.
Shares of Broadcom stock traded up $3.47 on Wednesday, reaching $297.91. 159,810 shares of the company’s stock were exchanged, compared to its average volume of 1,793,043. The company has a market capitalization of $116.48 billion, a P/E ratio of 15.83, a price-to-earnings-growth ratio of 1.43 and a beta of 0.88. Broadcom Inc has a 52 week low of $208.23 and a 52 week high of $323.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The firm’s 50-day moving average is $283.18 and its two-hundred day moving average is $286.65.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating the consensus estimate of $5.18 by $0.03. The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. Broadcom’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.88 EPS. On average, analysts expect that Broadcom Inc will post 17.23 EPS for the current fiscal year.
AVGO has been the topic of a number of recent research reports. UBS Group cut their price target on Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Morgan Stanley reduced their price target on Broadcom from $266.00 to $262.00 and set an “equal weight” rating on the stock in a report on Monday, June 10th. Deutsche Bank lowered their price objective on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Cascend Securities raised their price objective on shares of Broadcom from $300.00 to $330.00 and gave the company a “buy” rating in a report on Tuesday. Finally, BidaskClub downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday, August 3rd. Ten investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $303.97.
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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