Pinnacle Financial Partners Inc. increased its holdings in Broadcom Ltd (NASDAQ:AVGO) by 26.2% during the 4th quarter, Holdings Channel reports. The firm owned 1,593 shares of the semiconductor manufacturer’s stock after buying an additional 331 shares during the period. Pinnacle Financial Partners Inc.’s holdings in Broadcom were worth $409,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. AllSquare Wealth Management LLC purchased a new stake in Broadcom in the third quarter worth about $113,000. SeaCrest Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $124,000. Carroll Financial Associates Inc. lifted its holdings in shares of Broadcom by 59.0% during the third quarter. Carroll Financial Associates Inc. now owns 593 shares of the semiconductor manufacturer’s stock valued at $144,000 after purchasing an additional 220 shares during the last quarter. FNY Partners Fund LP purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $154,000. Finally, Cable Hill Partners LLC lifted its holdings in shares of Broadcom by 824.6% during the third quarter. Cable Hill Partners LLC now owns 638 shares of the semiconductor manufacturer’s stock valued at $155,000 after purchasing an additional 569 shares during the last quarter. 88.46% of the stock is currently owned by institutional investors.
AVGO has been the subject of a number of recent analyst reports. KeyCorp restated an “overweight” rating and issued a $320.00 price objective (up from $290.00) on shares of Broadcom in a report on Monday, December 4th. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. BidaskClub lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. Barclays boosted their price objective on shares of Broadcom from $290.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Finally, Credit Suisse Group restated a “buy” rating on shares of Broadcom in a report on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $301.58.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.52 by $0.07. Broadcom had a net margin of 10.18% and a return on equity of 28.64%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the previous year, the firm posted $3.47 EPS. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. sell-side analysts forecast that Broadcom Ltd will post 17.41 earnings per share for the current year.
In related news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $259.68, for a total value of $5,193,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Bryan Ingram sold 794 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The disclosure for this sale can be found here. Insiders sold a total of 64,079 shares of company stock valued at $16,765,043 in the last ninety days. 3.60% of the stock is currently owned by insiders.
TRADEMARK VIOLATION WARNING: This story was first posted by Markets Daily and is the sole property of of Markets Daily. If you are reading this story on another site, it was stolen and reposted in violation of United States and international trademark & copyright law. The original version of this story can be viewed at https://www.themarketsdaily.com/2018/02/15/broadcom-ltd-avgo-position-increased-by-pinnacle-financial-partners-inc.html.
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Ltd (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.