BlueMountain Capital Management LLC Has $136.99 Million Position in Broadcom Limited (AVGO)
BlueMountain Capital Management LLC decreased its position in Broadcom Limited (NASDAQ:AVGO) by 5.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 587,798 shares of the semiconductor manufacturer’s stock after selling 32,343 shares during the quarter. Broadcom Limited accounts for 2.8% of BlueMountain Capital Management LLC’s portfolio, making the stock its 3rd largest position. BlueMountain Capital Management LLC owned about 0.14% of Broadcom Limited worth $136,986,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in AVGO. FNY Managed Accounts LLC purchased a new position in shares of Broadcom Limited during the first quarter valued at approximately $100,000. AllSquare Wealth Management LLC grew its stake in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after purchasing an additional 133 shares during the period. Shine Investment Advisory Services Inc. purchased a new stake in Broadcom Limited in the second quarter worth $116,000. Archford Capital Strategies LLC grew its stake in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after purchasing an additional 168 shares during the period. Finally, D. Scott Neal Inc. purchased a new stake in Broadcom Limited in the second quarter worth $127,000. Institutional investors own 90.04% of the company’s stock.
Broadcom Limited (AVGO) traded up 0.65% during trading on Friday, reaching $248.55. The company had a trading volume of 1,366,385 shares. The stock has a market capitalization of $101.40 billion, a price-to-earnings ratio of 189.30 and a beta of 1.07. The firm has a 50-day moving average of $249.05 and a 200-day moving average of $235.79. Broadcom Limited has a 1-year low of $160.62 and a 1-year high of $259.36.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, beating the Zacks’ consensus estimate of $4.03 by $0.07. The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.89 earnings per share. On average, analysts anticipate that Broadcom Limited will post $15.92 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be given a $1.02 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $4.08 dividend on an annualized basis and a yield of 1.65%. Broadcom Limited’s payout ratio is currently 348.72%.
Several brokerages recently weighed in on AVGO. UBS AG reaffirmed a “buy” rating and issued a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a research note on Monday, June 5th. B. Riley reaffirmed a “buy” rating and issued a $305.00 price target on shares of Broadcom Limited in a research note on Saturday, August 26th. Vetr raised Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 price target on the stock in a research note on Monday, August 14th. BidaskClub cut Broadcom Limited from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Finally, Craig Hallum reaffirmed a “buy” rating on shares of Broadcom Limited in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $274.48.
In related news, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The disclosure for this sale can be found here. 3.60% of the stock is owned by company insiders.
Broadcom Limited 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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