ClariVest Asset Management LLC Sells 1,100 Shares of Broadcom Inc. (NASDAQ:AVGO)

ClariVest Asset Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 4.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 22,304 shares of the semiconductor manufacturer’s stock after selling 1,100 shares during the period. ClariVest Asset Management LLC’s holdings in Broadcom were worth $10,836,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Cantor Fitzgerald Investment Advisor L.P raised its position in shares of Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after acquiring an additional 36,458 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Broadcom by 25.3% in the 1st quarter. IFM Investors Pty Ltd now owns 66,514 shares of the semiconductor manufacturer’s stock valued at $41,883,000 after buying an additional 13,417 shares during the period. Sandy Spring Bank grew its holdings in shares of Broadcom by 4.1% in the 1st quarter. Sandy Spring Bank now owns 638 shares of the semiconductor manufacturer’s stock valued at $402,000 after buying an additional 25 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Broadcom by 6.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 66,570 shares of the semiconductor manufacturer’s stock valued at $41,918,000 after buying an additional 3,805 shares during the period. Finally, Clearstead Advisors LLC grew its holdings in shares of Broadcom by 12.2% in the 1st quarter. Clearstead Advisors LLC now owns 2,852 shares of the semiconductor manufacturer’s stock valued at $1,796,000 after buying an additional 310 shares during the period. Institutional investors own 79.60% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $3.59 on Thursday, reaching $533.64. 1,396,717 shares of the company’s stock were exchanged, compared to its average volume of 2,229,935. The company has a fifty day moving average of $472.86 and a 200-day moving average of $508.82. Broadcom Inc. has a twelve month low of $415.07 and a twelve month high of $677.76. The company has a market capitalization of $216.12 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 0.95 and a beta of 1.08. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88.

Broadcom (NASDAQ:AVGOGet Rating) last announced its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.84 by $0.23. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same quarter in the prior year, the business posted $6.32 EPS. The business’s revenue was up 24.9% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 34.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd were given a dividend of $4.10 per share. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.07%. Broadcom’s payout ratio is presently 70.93%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AVGO shares. KeyCorp decreased their price target on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, September 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Broadcom from $635.00 to $575.00 and set a “buy” rating for the company in a research note on Tuesday, October 18th. BMO Capital Markets reduced their target price on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 5th. Finally, Susquehanna reaffirmed a “buy” rating and issued a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. Two investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $675.13.

About Broadcom

(Get Rating)

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.

See Also

Institutional Ownership by Quarter for Broadcom (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.