Investors bought shares of Broadcom Inc (NASDAQ:AVGO) on weakness during trading hours on Wednesday. $211.41 million flowed into the stock on the tick-up and $121.24 million flowed out of the stock on the tick-down, for a money net flow of $90.17 million into the stock. Of all companies tracked, Broadcom had the 5th highest net in-flow for the day. Broadcom traded down ($0.29) for the day and closed at $249.40

Several research firms have weighed in on AVGO. Canaccord Genuity restated a “buy” rating and set a $340.00 target price (up from $325.00) on shares of Broadcom in a report on Friday, March 16th. Jefferies Group restated a “buy” rating and set a $332.00 target price on shares of Broadcom in a report on Friday, March 16th. Drexel Hamilton restated a “buy” rating and set a $313.00 target price (up from $302.00) on shares of Broadcom in a report on Friday, March 16th. JPMorgan Chase & Co. restated an “overweight” rating and set a $340.00 target price on shares of Broadcom in a report on Friday, March 16th. Finally, Wells Fargo & Co began coverage on shares of Broadcom in a report on Friday, March 16th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $308.34.

The company has a current ratio of 5.70, a quick ratio of 5.04 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $102.44 billion, a PE ratio of 17.98, a P/E/G ratio of 1.19 and a beta of 0.95.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.41 by $0.71. Broadcom had a net margin of 41.37% and a return on equity of 29.50%. The business had revenue of $5.33 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period last year, the company earned $3.63 earnings per share. The company’s quarterly revenue was up 28.5% on a year-over-year basis. research analysts anticipate that Broadcom Inc will post 16.82 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 12th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 12.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other Broadcom news, SVP Bryan Ingram sold 9,396 shares of Broadcom stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total transaction of $2,441,174.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas H. Krause sold 3,171 shares of Broadcom stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total transaction of $823,857.51. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,479 shares of company stock worth $22,290,449. 3.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Broadcom by 0.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,853 shares of the semiconductor manufacturer’s stock valued at $20,771,000 after purchasing an additional 656 shares during the period. Buckley Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $809,000. Traynor Capital Management Inc. raised its stake in shares of Broadcom by 42.0% during the fourth quarter. Traynor Capital Management Inc. now owns 1,288 shares of the semiconductor manufacturer’s stock valued at $330,000 after purchasing an additional 381 shares during the period. Geode Capital Management LLC raised its stake in shares of Broadcom by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock valued at $1,061,670,000 after purchasing an additional 135,437 shares during the period. Finally, TCW Group Inc. raised its stake in shares of Broadcom by 18.9% during the fourth quarter. TCW Group Inc. now owns 137,278 shares of the semiconductor manufacturer’s stock valued at $35,267,000 after purchasing an additional 21,849 shares during the period. 86.67% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Company Profile

Broadcom Limited designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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