Holderness Investments Co. Boosts Stock Holdings in Broadcom Inc (NASDAQ:AVGO)

Holderness Investments Co. raised its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 15.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,255 shares of the semiconductor manufacturer’s stock after buying an additional 165 shares during the period. Holderness Investments Co.’s holdings in Broadcom were worth $361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Northern Trust Corp boosted its position in Broadcom by 1.3% during the first quarter. Northern Trust Corp now owns 4,919,584 shares of the semiconductor manufacturer’s stock valued at $1,479,369,000 after buying an additional 62,461 shares during the period. Jennison Associates LLC boosted its position in Broadcom by 10.9% during the first quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock valued at $1,097,834,000 after buying an additional 359,736 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Broadcom by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,683,418 shares of the semiconductor manufacturer’s stock valued at $506,221,000 after buying an additional 22,458 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in Broadcom by 12.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,666,266 shares of the semiconductor manufacturer’s stock valued at $501,062,000 after buying an additional 181,372 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Broadcom by 6.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,644,308 shares of the semiconductor manufacturer’s stock valued at $418,142,000 after acquiring an additional 96,233 shares during the last quarter. Institutional investors and hedge funds own 84.05% of the company’s stock.

In other Broadcom news, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total transaction of $3,754,051.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $264.00, for a total transaction of $5,280,000.00. The disclosure for this sale can be found here. Insiders have sold 65,388 shares of company stock valued at $18,198,482 in the last ninety days. Insiders own 3.30% of the company’s stock.

AVGO has been the subject of several recent analyst reports. Summit Insights raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price objective for the company in a research note on Friday, June 14th. Citigroup lowered their price objective on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Cowen reaffirmed a “market perform” rating and set a $265.00 price objective (down from $280.00) on shares of Broadcom in a research note on Friday, June 14th. Robert W. Baird lowered their price objective on shares of Broadcom from $300.00 to $280.00 and set an “outperform” rating for the company in a research note on Monday, June 17th. Finally, Deutsche Bank lowered their price objective on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Ten analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and a consensus price target of $304.32.

AVGO stock traded up $5.14 during trading on Friday, reaching $273.78. The company had a trading volume of 1,745,800 shares, compared to its average volume of 2,165,038. Broadcom Inc has a 52 week low of $204.68 and a 52 week high of $323.20. The company has a market cap of $108.98 billion, a P/E ratio of 14.54, a PEG ratio of 1.33 and a beta of 0.92. The business has a 50 day moving average of $285.11 and a 200 day moving average of $286.03. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the firm earned $4.88 earnings per share. Broadcom’s revenue was up 10.0% on a year-over-year basis. Research analysts expect that Broadcom Inc will post 17.23 earnings per share for the current 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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