Ropes Wealth Advisors LLC increased its position in Broadcom Inc (NASDAQ:AVGO) by 510.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,160 shares of the semiconductor manufacturer’s stock after purchasing an additional 970 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in Broadcom were worth $286,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in AVGO. Cibc Bank USA acquired a new stake in Broadcom in the second quarter worth about $228,000. American National Bank acquired a new stake in Broadcom in the second quarter worth about $5,832,000. Verde Servicos Internacionais S.A. acquired a new stake in Broadcom in the second quarter worth about $4,623,000. DnB Asset Management AS acquired a new stake in Broadcom in the second quarter worth about $11,976,000. Finally, XR Securities LLC acquired a new stake in Broadcom in the second quarter worth about $857,000. Hedge funds and other institutional investors own 88.02% of the company’s stock.
A number of analysts recently commented on AVGO shares. Piper Jaffray Companies set a $293.00 price objective on Broadcom and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Mizuho reiterated a “buy” rating on shares of Broadcom in a research report on Friday, October 5th. Bank of America upgraded Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday, September 7th. BidaskClub upgraded Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday, August 29th. Finally, KeyCorp decreased their target price on Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $290.77.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the business posted $4.10 EPS. Broadcom’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc will post 18.09 EPS for the current fiscal year.
In other news, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 61,194 shares of company stock worth $13,785,345 in the last quarter. 3.30% of the stock is currently owned by company 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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