Cigna Investments Inc. New Decreases Position in Broadcom Limited (NASDAQ:AVGO)
Cigna Investments Inc. New lowered its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 4.8% during the second quarter, Holdings Channel reports. The institutional investor owned 15,623 shares of the semiconductor manufacturer’s stock after selling 792 shares during the period. Cigna Investments Inc. New’s holdings in Broadcom Limited were worth $3,641,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. FNY Managed Accounts LLC bought a new position in shares of Broadcom Limited during the first quarter worth approximately $100,000. AllSquare Wealth Management LLC boosted its position in shares of Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Broadcom Limited during the second quarter worth approximately $116,000. Crestwood Advisors Group LLC bought a new position in shares of Broadcom Limited during the first quarter worth approximately $111,000. Finally, Archford Capital Strategies LLC boosted its position in shares of Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 168 shares during the last quarter. 90.60% of the stock is owned by institutional investors and hedge funds.
Broadcom Limited (NASDAQ AVGO) opened at 249.17 on Thursday. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $258.49. The firm’s market capitalization is $101.31 billion. The firm’s 50-day moving average is $246.02 and its 200 day moving average is $228.26.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.50 by $0.19. The company had revenue of $4.20 billion for the quarter, compared to analysts’ expectations of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The business’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.53 EPS. Equities analysts predict that Broadcom Limited will post $15.78 earnings per share for the current year.
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A number of research firms have issued reports on AVGO. Morgan Stanley reiterated an “overweight” rating and issued a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Mizuho reiterated a “buy” rating and issued a $265.00 target price (up previously from $250.00) on shares of Broadcom Limited in a research report on Sunday, May 28th. Zacks Investment Research cut Broadcom Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Pacific Crest reissued an “overweight” rating and set a $260.00 price target on shares of Broadcom Limited in a research note on Wednesday, May 31st. Finally, Cowen and Company lifted their price target on Broadcom Limited from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $263.22.
In other news, insider Kirsten M. Spears sold 1,306 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,306 shares of company stock valued at $10,380,120. 3.60% of the stock is currently owned by corporate insiders.
Broadcom Limited Company Profile
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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