South State Corp decreased its stake in Broadcom Inc (NASDAQ:AVGO) by 82.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,950 shares of the semiconductor manufacturer’s stock after selling 19,137 shares during the quarter. South State Corp’s holdings in Broadcom were worth $975,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Broadcom in the 2nd quarter worth about $6,240,939,000. FMR LLC purchased a new stake in Broadcom in the 2nd quarter worth about $2,768,560,000. Jennison Associates LLC purchased a new stake in Broadcom in the 2nd quarter worth about $1,392,514,000. Northern Trust Corp purchased a new stake in Broadcom in the 2nd quarter worth about $1,142,053,000. Finally, Bank of New York Mellon Corp purchased a new stake in Broadcom in the 2nd quarter worth about $1,127,357,000. Institutional investors and hedge funds own 88.20% of the company’s stock.
Shares of AVGO stock opened at $236.34 on Friday. 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 twelve month low of $197.46 and a twelve month high of $285.68. The company has a market capitalization of $92.96 billion, a P/E ratio of 16.53, a P/E/G ratio of 0.89 and a beta of 0.99.
In related news, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction that occurred 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 can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $231.03, for a total value of $4,620,600.00. The disclosure for this sale can be found here. Insiders sold a total of 41,194 shares of company stock worth $9,687,345 over the last three months. 3.30% of the stock is owned by company insiders.
Several brokerages recently issued reports on AVGO. ValuEngine raised Broadcom from a “sell” rating to a “hold” rating in a research note on Friday. Canaccord Genuity reissued a “buy” rating and issued a $335.00 price objective (up from $300.00) on shares of Broadcom in a research note on Friday, September 7th. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, September 21st. B. Riley increased their price objective on Broadcom from $245.00 to $250.00 and gave the stock a “neutral” rating in a research note on Friday, September 7th. Finally, Barclays began coverage on Broadcom in a research note on Tuesday, August 7th. They issued an “overweight” rating and a $265.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $290.97.
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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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