Scott & Selber Inc. boosted its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,713 shares of the semiconductor manufacturer’s stock after buying an additional 197 shares during the quarter. Scott & Selber Inc.’s holdings in Broadcom were worth $2,508,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in AVGO. Pinnacle Bank boosted its stake in shares of Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC boosted its stake in shares of Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 35 shares during the period. Daiwa SB Investments Ltd. purchased a new position in shares of Broadcom in the first quarter valued at approximately $30,000. Destination Wealth Management purchased a new position in shares of Broadcom in the first quarter valued at approximately $41,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Broadcom in the first quarter valued at approximately $45,000. 84.05% of the stock is owned by institutional investors.
In other news, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction on Wednesday, June 26th. The shares were 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 SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Monday, June 17th. The shares were sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. Insiders sold a total of 65,388 shares of company stock worth $18,198,482 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.
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, topping analysts’ consensus estimates of $5.18 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the company earned $4.88 earnings per share. As a group, sell-side analysts predict that Broadcom Inc will post 17.43 EPS for the current year.
AVGO has been the subject of several recent research reports. ValuEngine lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen reissued a “market perform” rating and issued a $265.00 price objective (down previously from $280.00) on shares of Broadcom in a research note on Friday, June 14th. Deutsche Bank lowered their price objective on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Rosenblatt Securities reissued a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a research note on Monday, June 10th. Finally, Craig Hallum reiterated a “buy” rating and issued a $315.00 price target (down previously from $325.00) on shares of Broadcom in a research note on Friday, June 14th. Nine research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $304.32.
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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