American Century Companies Inc. grew its stake in Broadcom Inc (NASDAQ:AVGO) by 15.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,518,451 shares of the semiconductor manufacturer’s stock after purchasing an additional 200,622 shares during the period. American Century Companies Inc. owned approximately 0.37% of Broadcom worth $374,647,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Fulton Bank N.A. acquired a new position in Broadcom during the second quarter worth $1,796,000. Osborn Williams & Donohoe LLC acquired a new position in Broadcom during the second quarter worth $1,456,000. KAMES CAPITAL plc acquired a new position in Broadcom during the second quarter worth $83,069,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Broadcom during the second quarter worth $4,665,000. Finally, Peoples Financial Services CORP. acquired a new position in Broadcom during the second quarter worth $315,000. 88.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:AVGO opened at $228.25 on Wednesday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The firm has a market capitalization of $91.28 billion, a PE ratio of 15.96, a P/E/G ratio of 0.89 and a beta of 0.99.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the prior year, the business earned $4.10 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc will post 18.09 EPS for the current fiscal year.
In other news, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $13,785,345 over the last 90 days. Company insiders own 3.30% of the company’s stock.
A number of research analysts recently weighed in on the company. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Broadcom in a report on Thursday, July 12th. ValuEngine raised Broadcom from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 25th. Craig Hallum reaffirmed a “buy” rating and set a $300.00 price objective (down previously from $330.00) on shares of Broadcom in a report on Friday, September 7th. Longbow Research lowered Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. Finally, MKM Partners dropped their price objective on 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 company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $290.77.
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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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