Broadcom Limited (AVGO) Stake Lessened by Three Peaks Capital Management LLC
Three Peaks Capital Management LLC cut its holdings in Broadcom Limited (NASDAQ:AVGO) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,368 shares of the semiconductor manufacturer’s stock after selling 797 shares during the period. Three Peaks Capital Management LLC’s holdings in Broadcom Limited were worth $7,365,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in AVGO. AllSquare Wealth Management LLC purchased a new position in Broadcom Limited in the third quarter valued at approximately $113,000. Mountain Capital Investment Advisors Inc purchased a new position in Broadcom Limited in the second quarter valued at approximately $113,000. Shine Investment Advisory Services Inc. purchased a new position in Broadcom Limited in the second quarter valued at approximately $116,000. Tower Research Capital LLC TRC lifted its stake in Broadcom Limited by 473.0% in the second quarter. Tower Research Capital LLC TRC now owns 573 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 473 shares during the last quarter. Finally, Carroll Financial Associates Inc. lifted its stake in Broadcom Limited by 59.0% in the third quarter. Carroll Financial Associates Inc. now owns 593 shares of the semiconductor manufacturer’s stock valued at $144,000 after purchasing an additional 220 shares during the last quarter. 89.42% of the stock is owned by institutional investors.
Several research firms recently commented on AVGO. Mizuho reiterated a “buy” rating and issued a $290.00 price objective on shares of Broadcom Limited in a research note on Monday, November 6th. Drexel Hamilton restated a “buy” rating and set a $302.00 target price on shares of Broadcom Limited in a research report on Monday, November 6th. B. Riley restated a “buy” rating and set a $315.00 target price on shares of Broadcom Limited in a research report on Monday, November 20th. Royal Bank Of Canada restated a “buy” rating on shares of Broadcom Limited in a research report on Friday, November 3rd. Finally, Jefferies Group LLC increased their target price on Broadcom Limited from $70.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirty-two have issued a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $286.47.
Shares of Broadcom Limited (AVGO) opened at $282.38 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.48 and a quick ratio of 3.84. Broadcom Limited has a 12-month low of $160.62 and a 12-month high of $282.99. The stock has a market capitalization of $112,345.29, a price-to-earnings ratio of 20.81, a P/E/G ratio of 1.36 and a beta of 1.05.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the business posted $2.89 earnings per share. The firm’s revenue was up 17.5% compared to the same quarter last year. analysts expect that Broadcom Limited will post 13.92 EPS for the current fiscal year.
In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $260.03, for a total value of $5,200,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas H. Krause sold 2,595 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total value of $693,747.30. The disclosure for this sale can be found here. In the last three months, insiders sold 104,383 shares of company stock worth $25,949,184. 3.60% of the stock is owned by insiders.
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About Broadcom Limited
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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