State Board of Administration of Florida Retirement System increased its stake in Broadcom Inc (NASDAQ:AVGO) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 572,622 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,895 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Broadcom were worth $141,283,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of AVGO. Cibc Bank USA acquired a new stake in Broadcom in the 2nd quarter valued at about $228,000. American National Bank acquired a new stake in Broadcom in the 2nd quarter valued at about $5,832,000. Verde Servicos Internacionais S.A. acquired a new stake in Broadcom in the 2nd quarter valued at about $4,623,000. DnB Asset Management AS acquired a new stake in Broadcom in the 2nd quarter valued at about $11,976,000. Finally, XR Securities LLC acquired a new stake in Broadcom in the 2nd quarter valued at about $857,000. 88.02% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on the stock. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a report on Thursday, July 12th. ValuEngine raised shares of Broadcom from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 25th. Craig Hallum reissued a “buy” rating and issued a $300.00 price target (down from $330.00) on shares of Broadcom in a report on Friday, September 7th. Longbow Research downgraded shares of Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. Finally, MKM Partners cut their price target on shares of Broadcom to $255.00 in a report on Friday, September 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $290.77.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $204.90, for a total value of $4,098,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Insiders sold a total of 61,194 shares of company stock worth $13,785,345 in the last quarter. 3.30% of the stock is owned by corporate insiders.
AVGO stock opened at $229.88 on Friday. The stock has a market cap of $91.38 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 0.92 and a beta of 0.90. Broadcom Inc has a one year low of $197.46 and a one year high of $285.68. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating analysts’ consensus estimates of $4.82 by $0.16. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.10 EPS. Sell-side analysts predict that Broadcom Inc will post 18.09 EPS for the current year.
Broadcom Company Profile
Broadcom Inc 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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