Broadcom Inc (AVGO) Position Decreased by South State Corp

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.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ 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 last year, the business earned $4.10 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, research analysts forecast that Broadcom Inc will post 18.09 EPS for the current year.

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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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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