Wedbush Securities Inc. Raises Position in Broadcom Limited (NASDAQ:AVGO)
Wedbush Securities Inc. boosted its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 13.7% during the second quarter, Holdings Channel reports. The firm owned 5,550 shares of the semiconductor manufacturer’s stock after buying an additional 668 shares during the period. Wedbush Securities Inc.’s holdings in Broadcom Limited were worth $1,293,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Boys Arnold & Co. Inc. increased its stake in Broadcom Limited by 17.9% in the first quarter. Boys Arnold & Co. Inc. now owns 2,772 shares of the semiconductor manufacturer’s stock valued at $607,000 after buying an additional 421 shares in the last quarter. Courier Capital LLC bought a new stake in Broadcom Limited during the first quarter valued at about $232,000. Barometer Capital Management Inc. bought a new stake in Broadcom Limited during the first quarter valued at about $8,955,000. Everence Capital Management Inc. bought a new stake in Broadcom Limited during the first quarter valued at about $1,771,000. Finally, Bank of The West increased its stake in Broadcom Limited by 0.9% in the first quarter. Bank of The West now owns 37,113 shares of the semiconductor manufacturer’s stock valued at $8,126,000 after buying an additional 332 shares in the last quarter. 90.60% of the stock is owned by institutional investors and hedge funds.
Shares of Broadcom Limited (NASDAQ:AVGO) opened at 244.17 on Friday. 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 $245.90 and its 200 day moving average is $228.73. The stock’s market capitalization is $99.28 billion.
Broadcom Limited (NASDAQ:AVGO) last issued its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.19. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The company had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same period in the previous year, the firm earned $2.53 earnings per share. Broadcom Limited’s quarterly revenue was up 17.9% compared to the same quarter last year. Analysts anticipate that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
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Several equities research analysts have issued reports on AVGO shares. Morgan Stanley restated an “overweight” rating and set a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Pacific Crest restated an “overweight” rating and set a $260.00 target price on shares of Broadcom Limited in a research report on Wednesday, May 31st. Zacks Investment Research downgraded Broadcom Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Deutsche Bank AG restated a “buy” rating and set a $275.00 target price (up previously from $255.00) on shares of Broadcom Limited in a research report on Thursday, June 1st. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $285.00 target price (up previously from $265.00) on shares of Broadcom Limited in a research report on Saturday, June 3rd. One investment analyst has rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $263.22.
In other news, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kirsten M. Spears sold 1,306 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The disclosure for this sale can be found here. Insiders have sold 41,306 shares of company stock worth $10,380,120 over the last ninety days. 3.60% of the stock is owned by 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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