Retirement Systems of Alabama decreased its stake in Broadcom Limited (NASDAQ:AVGO) by 39.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 194,602 shares of the semiconductor manufacturer’s stock after selling 129,254 shares during the period. Retirement Systems of Alabama’s holdings in Broadcom Limited were worth $45,352,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. FNY Managed Accounts LLC purchased a new position in Broadcom Limited during the first quarter valued at approximately $100,000. AllSquare Wealth Management LLC increased its position in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock valued at $106,000 after buying an additional 133 shares in the last quarter. Crestwood Advisors Group LLC purchased a new position in Broadcom Limited during the first quarter valued at approximately $111,000. Archford Capital Strategies LLC increased its position in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after buying an additional 168 shares in the last quarter. Finally, D. Scott Neal Inc. purchased a new position in Broadcom Limited during the second quarter valued at approximately $127,000. 90.60% of the stock is owned by institutional investors and hedge funds.

Shares of Broadcom Limited (NASDAQ:AVGO) opened at 252.44 on Tuesday. The stock’s 50 day moving average price is $244.11 and its 200 day moving average price is $226.01. The firm’s market cap is $102.64 billion. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $258.49.

Broadcom Limited (NASDAQ:AVGO) last issued its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.50 by $0.19. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The company had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the business earned $2.53 earnings per share. The company’s revenue was up 17.9% compared to the same quarter last year. Equities research analysts predict that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.

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Several research firms recently commented on AVGO. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $275.00 price objective (up from $240.00) on shares of Broadcom Limited in a research note on Friday, June 2nd. MKM Partners reissued a “buy” rating and issued a $261.00 price objective (up from $250.00) on shares of Broadcom Limited in a research note on Friday, June 2nd. Canaccord Genuity reissued a “buy” rating and issued a $272.00 price objective (up from $250.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Morgan Stanley reissued an “overweight” rating and issued a $280.00 price objective (up from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Finally, Mizuho reissued a “buy” rating and issued a $275.00 price objective (up from $265.00) on shares of Broadcom Limited in a research note on Saturday, June 3rd. Two analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $263.22.

In related news, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 30,000 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $253.41, for a total value of $7,602,300.00. The disclosure for this sale can be found here. Insiders sold 41,306 shares of company stock valued at $10,380,120 in the last ninety days. Company insiders own 3.60% of the company’s stock.

Broadcom Limited Company Profile

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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Institutional Ownership by Quarter for Broadcom Limited (NASDAQ:AVGO)

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