Broadcom Limited (NASDAQ:AVGO) Stake Boosted by IFP Advisors Inc
IFP Advisors Inc raised its position in Broadcom Limited (NASDAQ:AVGO) by 13.4% during the second quarter, Holdings Channel reports. The fund owned 2,169 shares of the semiconductor manufacturer’s stock after buying an additional 257 shares during the period. IFP Advisors Inc’s holdings in Broadcom Limited were worth $506,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of AVGO. iAB Financial Bank increased its stake in shares of Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock worth $370,000 after buying an additional 525 shares during the last quarter. BTIM Corp. acquired a new stake in shares of Broadcom Limited during the first quarter worth $219,000. Comerica Bank increased its stake in shares of Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock worth $23,780,000 after buying an additional 1,375 shares during the last quarter. V Wealth Management LLC acquired a new stake in shares of Broadcom Limited during the first quarter worth $206,000. Finally, Wesbanco Bank Inc. increased its stake in shares of Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock worth $26,050,000 after buying an additional 1,853 shares during the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Broadcom Limited (NASDAQ AVGO) opened at 244.17 on Friday. The stock’s market capitalization is $99.28 billion. Broadcom Limited has a 1-year low of $158.75 and a 1-year high of $258.49. The company has a 50-day moving average of $245.90 and a 200-day moving average of $228.73.
Broadcom Limited (NASDAQ:AVGO) last announced its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, beating the Zacks’ consensus estimate of $3.50 by $0.19. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The business had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.11 billion. During the same period in the prior year, the company earned $2.53 earnings per share. The firm’s revenue was up 17.9% on a year-over-year basis. Analysts anticipate that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
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A number of analysts have weighed in on AVGO shares. Morgan Stanley reiterated an “overweight” rating and set a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a report on Thursday, May 25th. Pacific Crest reiterated an “overweight” rating and set a $260.00 price target on shares of Broadcom Limited in a report on Wednesday, May 31st. Zacks Investment Research downgraded Broadcom Limited from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Deutsche Bank AG reiterated a “buy” rating and set a $275.00 price target (up from $255.00) on shares of Broadcom Limited in a report on Thursday, June 1st. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $285.00 price target (up from $265.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. One research analyst has rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has given a strong buy rating to the stock. Broadcom Limited currently has an average rating of “Buy” and a consensus target price of $263.22.
In other Broadcom Limited news, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $253.41, for a total transaction of $7,602,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kirsten M. Spears sold 1,306 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,306 shares of company stock valued at $10,380,120. 3.60% of the stock is owned by corporate insiders.
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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