Essex Investment Management Co. LLC Takes Position in Broadcom Inc (NASDAQ:AVGO)

Essex Investment Management Co. LLC bought a new stake in Broadcom Inc (NASDAQ:AVGO) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 415 shares of the semiconductor manufacturer’s stock, valued at approximately $131,000.

A number of other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in shares of Broadcom by 0.4% during the second quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock worth $7,421,177,000 after buying an additional 105,186 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Broadcom by 45.8% in the third quarter. Fisher Asset Management LLC now owns 2,133 shares of the semiconductor manufacturer’s stock worth $589,000 after acquiring an additional 670 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in Broadcom by 18.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,292 shares of the semiconductor manufacturer’s stock worth $357,000 after acquiring an additional 200 shares during the last quarter. Cerity Partners LLC grew its holdings in Broadcom by 82.2% during the 3rd quarter. Cerity Partners LLC now owns 4,570 shares of the semiconductor manufacturer’s stock worth $1,262,000 after acquiring an additional 2,062 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Broadcom by 6.1% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 18,334 shares of the semiconductor manufacturer’s stock worth $5,061,000 after acquiring an additional 1,061 shares in the last quarter. Hedge funds and other institutional investors own 83.10% of the company’s stock.

NASDAQ:AVGO opened at $272.62 on Friday. The stock’s 50 day moving average price is $309.67 and its 200 day moving average price is $300.25. The company has a market capitalization of $108.90 billion, a PE ratio of 42.33, a P/E/G ratio of 1.30 and a beta of 0.93. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 1.58. Broadcom Inc has a 52-week low of $250.09 and a 52-week high of $331.58.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, topping the consensus estimate of $5.35 by $0.04. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.74 billion. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.85 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc will post 19.3 EPS for the current fiscal year.

In other news, CEO Hock E. Tan sold 62,500 shares of Broadcom stock in a transaction on Monday, February 24th. The shares were sold at an average price of $292.86, for a total value of $18,303,750.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 367,292 shares of company stock worth $112,851,413 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

A number of equities research analysts have recently weighed in on AVGO shares. Cowen raised their price objective on shares of Broadcom from $285.00 to $310.00 and gave the company a “market perform” rating in a report on Friday, December 13th. KeyCorp lifted their price objective on shares of Broadcom from $340.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. ValuEngine upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Cascend Securities increased their target price on Broadcom from $330.00 to $350.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, BMO Capital Markets raised their price target on Broadcom from $310.00 to $330.00 and gave the company a “market perform” rating in a research note on Friday, December 13th. Ten analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $334.10.

Broadcom Profile

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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