Logan Capital Management Inc. Has $37.98 Million Stake in Broadcom Ltd (AVGO)

Logan Capital Management Inc. cut its holdings in Broadcom Ltd (NASDAQ:AVGO) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 147,841 shares of the semiconductor manufacturer’s stock after selling 12,643 shares during the quarter. Broadcom makes up 2.7% of Logan Capital Management Inc.’s portfolio, making the stock its 3rd largest position. Logan Capital Management Inc.’s holdings in Broadcom were worth $37,980,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its position in Broadcom by 4.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,350,163 shares of the semiconductor manufacturer’s stock worth $346,857,000 after purchasing an additional 53,921 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Broadcom by 0.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,853 shares of the semiconductor manufacturer’s stock worth $20,771,000 after purchasing an additional 656 shares during the period. Union Bankshares Corp increased its position in Broadcom by 7.6% in the fourth quarter. Union Bankshares Corp now owns 9,234 shares of the semiconductor manufacturer’s stock worth $2,372,000 after purchasing an additional 652 shares during the period. Field & Main Bank acquired a new stake in Broadcom in the fourth quarter worth about $2,342,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Broadcom by 18.6% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,566 shares of the semiconductor manufacturer’s stock worth $3,775,000 after purchasing an additional 2,442 shares during the period. Institutional investors own 87.58% of the company’s stock.

AVGO has been the subject of a number of research reports. KeyCorp reiterated an “overweight” rating and issued a $320.00 price objective (up from $290.00) on shares of Broadcom in a research report on Monday, December 4th. Zacks Investment Research lowered Broadcom from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. BidaskClub lowered Broadcom from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. Credit Suisse Group restated a “buy” rating on shares of Broadcom in a research report on Tuesday, January 23rd. Finally, Royal Bank of Canada boosted their target price on Broadcom from $300.00 to $315.00 and gave the stock a “top pick” rating in a research report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $301.58.

Broadcom Ltd (NASDAQ AVGO) opened at $248.62 on Thursday. Broadcom Ltd has a 1-year low of $202.61 and a 1-year high of $285.68. The company has a current ratio of 6.26, a quick ratio of 5.68 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $102,294.88, a PE ratio of 58.36, a PEG ratio of 1.04 and a beta of 0.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.52 by $0.07. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. Broadcom’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.47 EPS. analysts forecast that Broadcom Ltd will post 17.41 earnings per share for the current fiscal year.

In other Broadcom news, SVP Bryan Ingram sold 794 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total value of $205,328.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $247.72, for a total value of $4,954,400.00. The disclosure for this sale can be found here. Insiders sold a total of 84,079 shares of company stock worth $21,719,443 in the last 90 days. Company insiders own 3.60% of the company’s stock.

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Broadcom 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.

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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