Bessemer Group Inc. Buys 13,923 Shares of Broadcom Limited (AVGO)
Bessemer Group Inc. increased its position in Broadcom Limited (NASDAQ:AVGO) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,134,635 shares of the semiconductor manufacturer’s stock after buying an additional 13,923 shares during the period. Broadcom Limited comprises approximately 1.1% of Bessemer Group Inc.’s holdings, making the stock its 19th largest position. Bessemer Group Inc.’s holdings in Broadcom Limited were worth $264,428,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of AVGO. Lockheed Martin Investment Management Co. raised its stake in shares of Broadcom Limited by 72.6% in the second quarter. Lockheed Martin Investment Management Co. now owns 18,305 shares of the semiconductor manufacturer’s stock worth $4,266,000 after buying an additional 7,700 shares in the last quarter. Johnston Asset Management LLC raised its position in Broadcom Limited by 0.5% in the second quarter. Johnston Asset Management LLC now owns 933,331 shares of the semiconductor manufacturer’s stock valued at $217,513,000 after buying an additional 4,920 shares in the last quarter. Nwam LLC raised its position in Broadcom Limited by 6.0% in the second quarter. Nwam LLC now owns 1,167 shares of the semiconductor manufacturer’s stock valued at $272,000 after buying an additional 66 shares in the last quarter. Lourd Capital LLC raised its position in Broadcom Limited by 10.5% in the second quarter. Lourd Capital LLC now owns 1,514 shares of the semiconductor manufacturer’s stock valued at $353,000 after buying an additional 144 shares in the last quarter. Finally, Rothschild Asset Management Inc. acquired a new position in Broadcom Limited during the second quarter valued at about $15,957,000. 90.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Broadcom Limited (AVGO) opened at 249.17 on Friday. The company’s market cap is $101.31 billion. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $258.49. The stock’s 50 day moving average is $244.11 and its 200-day moving average is $226.01.
Broadcom Limited (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.50 by $0.19. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the business earned $2.53 earnings per share. On average, equities analysts forecast that Broadcom Limited will post $15.78 EPS for the current year.
AVGO has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $245.00 target price on shares of Broadcom Limited in a report on Monday, April 10th. Zacks Investment Research lowered Broadcom Limited from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Instinet reaffirmed a “buy” rating and issued a $260.00 target price (up from $230.00) on shares of Broadcom Limited in a report on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “top pick” rating and issued a $250.00 target price on shares of Broadcom Limited in a report on Tuesday, May 23rd. Finally, Mizuho reaffirmed a “buy” rating and issued a $265.00 target price (up from $250.00) on shares of Broadcom Limited in a report on Sunday, May 28th. Two investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $263.29.
In related news, insider Kirsten M. Spears sold 1,306 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total transaction of $2,445,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,306 shares of company stock worth $10,380,120. 3.60% of the stock is owned by company insiders.
About Broadcom Limited
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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