Westside Investment Management Inc. Takes Position in Broadcom Inc (NASDAQ:AVGO)

Westside Investment Management Inc. acquired a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 600 shares of the semiconductor manufacturer’s stock, valued at approximately $95,006,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in Broadcom by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,644,308 shares of the semiconductor manufacturer’s stock worth $418,142,000 after buying an additional 96,233 shares during the period. CX Institutional increased its holdings in Broadcom by 555.6% in the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 100 shares during the period. PFS Investments Inc. acquired a new position in Broadcom in the 1st quarter worth approximately $750,000. Intl Fcstone Inc. increased its holdings in Broadcom by 3.7% in the 1st quarter. Intl Fcstone Inc. now owns 1,167 shares of the semiconductor manufacturer’s stock worth $351,000 after buying an additional 42 shares during the period. Finally, Washington Trust Bank increased its holdings in Broadcom by 119.7% in the 1st quarter. Washington Trust Bank now owns 323 shares of the semiconductor manufacturer’s stock worth $97,000 after buying an additional 176 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $264.00, for a total transaction of $5,280,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock worth $18,198,482 in the last quarter. Insiders own 3.30% of the company’s stock.

Several equities analysts recently weighed in on the stock. DA Davidson cut their price target on shares of Broadcom to $300.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Summit Insights upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price target on the stock in a report on Friday, June 14th. Robert W. Baird cut their price target on shares of Broadcom from $300.00 to $280.00 and set an “outperform” rating on the stock in a report on Monday, June 17th. UBS Group cut their price target on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Finally, Mizuho cut their price target on shares of Broadcom from $335.00 to $330.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Nine research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $303.68.

Shares of NASDAQ:AVGO traded down $6.81 during midday trading on Friday, reaching $278.53. 1,986,987 shares of the company’s stock traded hands, compared to its average volume of 2,144,736. Broadcom Inc has a 1 year low of $202.77 and a 1 year high of $323.20. The stock has a market cap of $113.59 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.38 and a beta of 0.92. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. The company has a fifty day simple moving average of $285.31.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm posted $4.88 EPS. The business’s revenue was up 10.0% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.

About Broadcom

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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