Perigon Wealth Management LLC reduced its position in shares of Broadcom Inc (NASDAQ:AVGO) by 14.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,972 shares of the semiconductor manufacturer’s stock after selling 346 shares during the quarter. Perigon Wealth Management LLC’s holdings in Broadcom were worth $622,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. HHM Wealth Advisors LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $29,000. Verus Capital Partners LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $34,000. Private Ocean LLC lifted its position in shares of Broadcom by 45.0% in the 1st quarter. Private Ocean LLC now owns 145 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 45 shares during the period. Atwood & Palmer Inc. boosted its stake in Broadcom by 532.0% during the first quarter. Atwood & Palmer Inc. now owns 158 shares of the semiconductor manufacturer’s stock worth $37,000 after buying an additional 133 shares in the last quarter. Finally, Price Wealth LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at about $37,000. Institutional investors own 81.19% of the company’s stock.
A number of research analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on Broadcom from $300.00 to $340.00 and gave the company an “outperform” rating in a report on Friday, June 5th. Charter Equity raised shares of Broadcom from a “market perform” rating to an “outperform” rating in a research note on Sunday, April 19th. BMO Capital Markets lifted their target price on shares of Broadcom from $330.00 to $350.00 in a research note on Friday, June 5th. Credit Suisse Group assumed coverage on shares of Broadcom in a research report on Monday, June 15th. They set an “outperform” rating and a $400.00 price target on the stock. Finally, UBS Group lifted their target price on Broadcom from $275.00 to $335.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $339.25.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $5.14. Broadcom had a net margin of 10.97% and a return on equity of 32.00%. The company had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.69 billion. During the same period in the prior year, the firm earned $5.21 EPS. Broadcom’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc will post 17.47 EPS for the current fiscal year.
In related news, CEO Hock E. Tan sold 57,171 shares of Broadcom stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $310.65, for a total transaction of $17,760,171.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 40,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $316.39, for a total transaction of $12,655,600.00. The disclosure for this sale can be found here. Insiders sold 480,747 shares of company stock worth $150,544,165 in the last 90 days. Corporate insiders own 3.30% of the company’s stock.
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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