BTC Capital Management Inc. Boosts Position in Broadcom Limited (NASDAQ:AVGO)
BTC Capital Management Inc. raised its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,271 shares of the semiconductor manufacturer’s stock after buying an additional 337 shares during the period. BTC Capital Management Inc.’s holdings in Broadcom Limited were worth $3,564,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of AVGO. iAB Financial Bank raised its stake in Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 525 shares during the period. BTIM Corp. acquired a new stake in Broadcom Limited during the first quarter valued at about $219,000. Comerica Bank raised its stake in Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock valued at $23,780,000 after buying an additional 1,375 shares during the period. V Wealth Management LLC acquired a new stake in Broadcom Limited during the first quarter valued at about $206,000. Finally, Wesbanco Bank Inc. raised its stake in Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock valued at $26,050,000 after buying an additional 1,853 shares during the period. 90.60% of the stock is currently owned by institutional investors.
Shares of Broadcom Limited (NASDAQ AVGO) opened at 244.17 on Friday. Broadcom Limited has a one year low of $158.75 and a one year high of $258.49. The stock’s 50 day moving average is $245.90 and its 200-day moving average is $228.73. The stock’s market cap is $99.28 billion.
Broadcom Limited (NASDAQ:AVGO) last announced its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, topping the Zacks’ consensus estimate of $3.50 by $0.19. The business had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.53 earnings per share. On average, equities analysts forecast that Broadcom Limited will post $15.78 EPS for the current year.
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AVGO has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $265.00 price objective (up previously from $245.00) on shares of Broadcom Limited in a research note on Thursday, May 25th. Pacific Crest reaffirmed an “overweight” rating and set a $260.00 price objective on shares of Broadcom Limited in a research note on Wednesday, May 31st. Zacks Investment Research cut shares of Broadcom Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, May 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $275.00 price objective (up previously from $255.00) on shares of Broadcom Limited in a research note on Thursday, June 1st. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $285.00 price objective (up previously from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. One analyst has rated the stock with a hold rating, thirty-seven have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $263.22.
In other news, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total transaction of $2,445,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The disclosure for this sale can be found here. Insiders sold 41,306 shares of company stock valued at $10,380,120 over the last quarter. 3.60% of the stock is currently 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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