36,262 Shares in Broadcom Inc (AVGO) Acquired by Perella Weinberg Partners Capital Management LP

Perella Weinberg Partners Capital Management LP purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 3rd quarter, HoldingsChannel reports. The firm purchased 36,262 shares of the semiconductor manufacturer’s stock, valued at approximately $8,947,000.

A number of other hedge funds also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its position in Broadcom by 3.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 572,622 shares of the semiconductor manufacturer’s stock worth $141,283,000 after purchasing an additional 17,895 shares during the last quarter. Nippon Life Global Investors Americas Inc. increased its position in Broadcom by 1.3% during the third quarter. Nippon Life Global Investors Americas Inc. now owns 98,420 shares of the semiconductor manufacturer’s stock worth $24,284,000 after purchasing an additional 1,240 shares during the last quarter. Moody National Bank Trust Division grew its stake in Broadcom by 764.5% during the third quarter. Moody National Bank Trust Division now owns 28,693 shares of the semiconductor manufacturer’s stock worth $7,080,000 after buying an additional 25,374 shares during the period. First National Trust Co grew its stake in Broadcom by 63.6% during the third quarter. First National Trust Co now owns 3,199 shares of the semiconductor manufacturer’s stock worth $789,000 after buying an additional 1,244 shares during the period. Finally, WBI Investments Inc. purchased a new stake in Broadcom during the third quarter worth approximately $5,437,000. 88.02% of the stock is owned by hedge funds and other institutional investors.

AVGO has been the subject of several research reports. MKM Partners decreased their price objective on shares of Broadcom to $255.00 in a research note on Friday, September 7th. Sanford C. Bernstein reiterated a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. Jefferies Financial Group decreased their price objective on shares of Broadcom to $278.00 and set a “buy” rating for the company in a research note on Thursday, July 12th. UBS Group decreased their price objective on shares of Broadcom from $330.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, July 20th. Finally, SunTrust Banks decreased their price objective on shares of Broadcom to $325.00 and set a “buy” rating for the company in a research note on Monday, July 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirty have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $290.77.

Shares of AVGO stock opened at $220.77 on Friday. The firm has a market capitalization of $92.40 billion, a PE ratio of 15.44, a PEG ratio of 0.93 and a beta of 0.99. 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 Inc has a twelve month low of $197.46 and a twelve month high of $285.68.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.10 earnings per share. On average, research analysts predict that Broadcom Inc will post 18.09 EPS for the current year.

In related news, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction on Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $204.90, for a total transaction of $4,098,000.00. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $13,785,345 over the last ninety days. 3.30% of the stock is currently owned by corporate insiders.

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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