AllSquare Wealth Management LLC increased its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 221.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 943 shares of the semiconductor manufacturer’s stock after acquiring an additional 650 shares during the quarter. AllSquare Wealth Management LLC’s holdings in Broadcom were worth $271,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Natixis raised its holdings in shares of Broadcom by 840.6% in the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after acquiring an additional 393,880 shares during the last quarter. Pictet Asset Management Ltd. increased its holdings in Broadcom by 0.8% during the 2nd quarter. Pictet Asset Management Ltd. now owns 212,446 shares of the semiconductor manufacturer’s stock worth $61,155,000 after purchasing an additional 1,659 shares in the last quarter. Icon Wealth Partners LLC increased its holdings in Broadcom by 47.6% during the 2nd quarter. Icon Wealth Partners LLC now owns 1,776 shares of the semiconductor manufacturer’s stock worth $511,000 after purchasing an additional 573 shares in the last quarter. Commonwealth Bank of Australia raised its stake in shares of Broadcom by 91.5% in the second quarter. Commonwealth Bank of Australia now owns 7,081 shares of the semiconductor manufacturer’s stock worth $2,032,000 after purchasing an additional 3,384 shares during the last quarter. Finally, Simmons Bank raised its stake in shares of Broadcom by 12.8% in the second quarter. Simmons Bank now owns 1,767 shares of the semiconductor manufacturer’s stock worth $509,000 after purchasing an additional 200 shares during the last quarter. 84.63% of the stock is currently owned by institutional investors and hedge funds.
In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated 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 a total of 85,388 shares of company stock worth $23,607,682 in the last three months. 3.30% of the stock is currently owned by insiders.
Several research analysts recently issued reports on the company. Summit Redstone raised Broadcom to a “buy” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. lowered their price target on Broadcom from $365.00 to $350.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Rosenblatt Securities reissued a “buy” rating and issued a $350.00 price target on shares of Broadcom in a research report on Monday, June 10th. Mizuho restated a “buy” rating and set a $330.00 price objective on shares of Broadcom in a research note on Sunday, August 11th. Finally, Cowen reaffirmed a “market perform” rating and set a $265.00 price objective (down from $280.00) on shares of Broadcom in a report on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $303.07.
Shares of AVGO stock traded up $1.37 during trading hours on Monday, hitting $293.28. 533,142 shares of the company were exchanged, compared to its average volume of 1,869,732. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. The stock has a market capitalization of $115.85 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 1.43 and a beta of 0.88. The firm has a fifty day simple moving average of $283.14 and a 200 day simple moving average of $286.44. Broadcom Inc has a 52-week low of $208.23 and a 52-week high of $323.20.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm earned $4.88 EPS. Sell-side analysts anticipate that Broadcom Inc will post 17.23 EPS 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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