Broadcom Limited (NASDAQ:AVGO) Stake Increased by Eagle Ridge Investment Management
Eagle Ridge Investment Management boosted its stake in Broadcom Limited (NASDAQ:AVGO) by 2.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 32,574 shares of the semiconductor manufacturer’s stock after buying an additional 863 shares during the period. Broadcom Limited accounts for approximately 1.4% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 29th largest position. Eagle Ridge Investment Management’s holdings in Broadcom Limited were worth $7,591,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Smithfield Trust Co. boosted its stake in Broadcom Limited by 5.4% in the second quarter. Smithfield Trust Co. now owns 1,447 shares of the semiconductor manufacturer’s stock valued at $337,000 after buying an additional 74 shares during the period. Seatown Holdings Pte. Ltd. bought a new stake in Broadcom Limited during the second quarter valued at $20,975,000. Telemus Capital LLC boosted its stake in Broadcom Limited by 2.5% in the second quarter. Telemus Capital LLC now owns 16,359 shares of the semiconductor manufacturer’s stock valued at $3,812,000 after buying an additional 397 shares during the period. Stratos Wealth Partners LTD. boosted its stake in Broadcom Limited by 4.6% in the second quarter. Stratos Wealth Partners LTD. now owns 3,431 shares of the semiconductor manufacturer’s stock valued at $800,000 after buying an additional 152 shares during the period. Finally, Sei Investments Co. boosted its stake in Broadcom Limited by 20.5% in the second quarter. Sei Investments Co. now owns 493,272 shares of the semiconductor manufacturer’s stock valued at $114,957,000 after buying an additional 83,927 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of Broadcom Limited (AVGO) opened at 252.44 on Tuesday. Broadcom Limited has a 1-year low of $158.75 and a 1-year high of $258.49. The company’s market capitalization is $102.64 billion. The firm’s 50 day moving average price is $244.11 and its 200-day moving average price is $226.01.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.11 billion. During the same period last year, the business posted $2.53 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. Analysts expect that Broadcom Limited will post $15.78 EPS for the current year.
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Several analysts recently weighed in on AVGO shares. Morgan Stanley reiterated an “overweight” rating and issued a $245.00 price target on shares of Broadcom Limited in a report on Monday, April 10th. Zacks Investment Research cut shares of Broadcom Limited from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Instinet reiterated a “buy” rating and issued a $260.00 price target (up previously from $230.00) on shares of Broadcom Limited in a report on Wednesday, May 17th. Royal Bank Of Canada reiterated a “top pick” rating and issued a $250.00 price target on shares of Broadcom Limited in a report on Tuesday, May 23rd. Finally, Mizuho reiterated a “buy” rating and issued a $265.00 price target (up previously 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 assigned a strong buy rating to the stock. Broadcom Limited currently has an average rating of “Buy” and an average target price of $263.22.
In related news, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total transaction of $2,445,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kirsten M. Spears sold 1,306 shares of the firm’s 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,306 shares of company stock worth $10,380,120. 3.60% of the stock is owned by corporate 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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