Cramer Rosenthal Mcglynn LLC Sells 93,944 Shares of Broadcom Limited (AVGO)
Cramer Rosenthal Mcglynn LLC reduced its holdings in Broadcom Limited (NASDAQ:AVGO) by 27.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 254,546 shares of the semiconductor manufacturer’s stock after selling 93,944 shares during the period. Cramer Rosenthal Mcglynn LLC owned about 0.06% of Broadcom Limited worth $59,322,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in AVGO. Waldron LP purchased a new position in shares of Broadcom Limited during the first quarter worth $302,000. HL Financial Services LLC lifted its position in Broadcom Limited by 14.7% during the first quarter. HL Financial Services LLC now owns 4,053 shares of the semiconductor manufacturer’s stock valued at $887,000 after purchasing an additional 520 shares during the period. Palladium Partners LLC lifted its position in Broadcom Limited by 1.7% during the first quarter. Palladium Partners LLC now owns 2,941 shares of the semiconductor manufacturer’s stock valued at $644,000 after purchasing an additional 50 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in Broadcom Limited by 0.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 827,509 shares of the semiconductor manufacturer’s stock valued at $181,191,000 after purchasing an additional 2,829 shares during the period. Finally, Trexquant Investment LP lifted its position in Broadcom Limited by 32.5% during the first quarter. Trexquant Investment LP now owns 7,025 shares of the semiconductor manufacturer’s stock valued at $1,538,000 after purchasing an additional 1,725 shares during the period. 89.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of Broadcom Limited (NASDAQ AVGO) traded down 0.31% during mid-day trading on Tuesday, hitting $239.72. The company had a trading volume of 946,195 shares. The company has a market cap of $97.80 billion, a PE ratio of 182.57 and a beta of 1.08. The firm has a 50-day moving average of $246.90 and a 200-day moving average of $238.00. Broadcom Limited has a 12 month low of $160.62 and a 12 month high of $259.36.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.03 by $0.07. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The business had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the firm posted $2.89 earnings per share. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, analysts expect that Broadcom Limited will post $15.91 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th were paid a $1.02 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $4.08 annualized dividend and a yield of 1.70%. Broadcom Limited’s payout ratio is currently 348.72%.
In other news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $246.48, for a total transaction of $4,929,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The disclosure for this sale can be found here. Insiders sold a total of 61,788 shares of company stock valued at $15,098,237 over the last quarter. 3.60% of the stock is currently owned by insiders.
Several equities research analysts have commented on AVGO shares. UBS AG reaffirmed a “buy” rating and issued a $265.00 price target on shares of Broadcom Limited in a report on Monday, June 26th. B. Riley reiterated a “buy” rating and set a $305.00 price objective on shares of Broadcom Limited in a research note on Saturday, August 26th. Vetr upgraded Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 price objective for the company in a research note on Monday, August 14th. BidaskClub cut Broadcom Limited from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $290.00 price objective on shares of Broadcom Limited in a report on Saturday. One research analyst has rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Broadcom Limited currently has a consensus rating of “Buy” and a consensus price target of $276.80.
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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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