Westpac Banking Corp increased its holdings in Broadcom Inc (NASDAQ:AVGO) by 10.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,157 shares of the semiconductor manufacturer’s stock after buying an additional 8,310 shares during the period. Westpac Banking Corp’s holdings in Broadcom were worth $26,810,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its holdings in Broadcom by 26,295.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 11,904,869 shares during the period. Norges Bank bought a new position in Broadcom in the 4th quarter valued at $1,055,582,000. Vanguard Group Inc boosted its holdings in Broadcom by 6.6% in the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Thornburg Investment Management Inc. boosted its holdings in Broadcom by 85.2% in the 4th quarter. Thornburg Investment Management Inc. now owns 825,050 shares of the semiconductor manufacturer’s stock valued at $209,794,000 after purchasing an additional 379,637 shares during the period. Finally, FMR LLC lifted its holdings in shares of Broadcom by 3.8% during the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock worth $2,591,815,000 after acquiring an additional 374,911 shares during the last quarter. 84.42% of the stock is owned by institutional investors.
In related news, SVP Charlie B. Kawwas sold 9,330 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total transaction of $2,761,026.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $291.27, for a total transaction of $5,825,400.00. The disclosure for this sale can be found here. Insiders have sold 87,824 shares of company stock worth $26,390,919 in the last quarter. 3.30% of the stock is owned by corporate insiders.
Shares of NASDAQ AVGO traded down $3.99 during midday trading on Wednesday, hitting $279.49. 1,775,404 shares of the company traded hands, compared to its average volume of 2,838,296. Broadcom Inc has a 12-month low of $197.46 and a 12-month high of $323.20. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market capitalization of $110.92 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.28 and a beta of 0.87.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The company had revenue of $5.79 billion for the quarter, compared to analysts’ expectations of $5.83 billion. During the same quarter in the previous year, the company earned $5.12 earnings per share. Broadcom’s quarterly revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Broadcom Inc will post 17.65 earnings per share for the current year.
A number of analysts have recently issued reports on AVGO shares. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $310.00 price objective on shares of Broadcom in a report on Thursday, February 14th. Cowen downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a report on Friday, February 22nd. BidaskClub downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 9th. Mizuho lifted their price objective on shares of Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Barclays lifted their price objective on shares of Broadcom from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-eight have given a buy rating to the stock. Broadcom has an average rating of “Buy” and an average price target of $305.55.
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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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