Grisanti Capital Management LLC grew its stake in Broadcom Inc (NASDAQ:AVGO) by 11.1% during the third quarter, HoldingsChannel reports. The firm owned 41,664 shares of the semiconductor manufacturer’s stock after buying an additional 4,178 shares during the quarter. Broadcom accounts for about 5.1% of Grisanti Capital Management LLC’s investment portfolio, making the stock its 5th largest holding. Grisanti Capital Management LLC’s holdings in Broadcom were worth $10,280,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Marcus Capital LLC bought a new position in Broadcom in the 2nd quarter valued at approximately $364,000. BP PLC bought a new position in Broadcom during the 2nd quarter worth approximately $12,135,000. Wesbanco Bank Inc. bought a new position in Broadcom during the 2nd quarter worth approximately $19,879,000. Sigma Investment Counselors Inc. bought a new position in Broadcom during the 2nd quarter worth approximately $286,000. Finally, KBC Group NV bought a new position in Broadcom during the 2nd quarter worth approximately $10,500,000. Institutional investors own 88.09% of the company’s stock.
In related news, insider Kirsten M. Spears sold 1,194 shares of Broadcom 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom 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. In the last three months, insiders sold 61,194 shares of company stock valued at $13,785,345. 3.30% of the stock is currently owned by insiders.
NASDAQ:AVGO opened at $220.09 on Tuesday. The firm has a market capitalization of $91.28 billion, a PE ratio of 15.39, a P/E/G ratio of 0.89 and a beta of 0.99. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.98 and a quick ratio of 3.42. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $285.68.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The business had revenue of $5.06 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the firm posted $4.10 EPS. Broadcom’s revenue was up 13.4% compared to the same quarter last year. Analysts forecast that Broadcom Inc will post 18.09 EPS for the current fiscal year.
Several research firms have issued reports on AVGO. Raymond James lowered shares of Broadcom from an “outperform” rating to a “market perform” rating in a report on Friday, July 13th. Cowen lowered their price target on shares of Broadcom from $300.00 to $245.00 and set an “outperform” rating for the company in a report on Thursday, July 12th. Longbow Research lowered shares of Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. BMO Capital Markets restated a “hold” rating and set a $230.00 price target on shares of Broadcom in a report on Friday, September 7th. Finally, Jefferies Financial Group lowered their price target on shares of Broadcom to $278.00 and set a “buy” rating for the company in a report on Thursday, July 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $290.77.
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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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