Seven Eight Capital LP Has $699,000 Stake in Broadcom Limited (AVGO)
Seven Eight Capital LP lowered its stake in Broadcom Limited (NASDAQ:AVGO) by 16.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,000 shares of the semiconductor manufacturer’s stock after selling 600 shares during the period. Seven Eight Capital LP’s holdings in Broadcom Limited were worth $699,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FNY Managed Accounts LLC purchased a new position in Broadcom Limited during the 1st quarter valued at about $100,000. AllSquare Wealth Management LLC increased its holdings in Broadcom Limited by 38.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock valued at $106,000 after purchasing an additional 133 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in Broadcom Limited during the 2nd quarter valued at about $116,000. Archford Capital Strategies LLC increased its holdings in Broadcom Limited by 45.4% during the 1st quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after purchasing an additional 168 shares during the period. Finally, D. Scott Neal Inc. purchased a new position in Broadcom Limited during the 2nd quarter valued at about $127,000. Hedge funds and other institutional investors own 90.04% of the company’s stock.
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Shares of Broadcom Limited (NASDAQ:AVGO) opened at 250.55 on Friday. The company has a market capitalization of $102.22 billion, a PE ratio of 190.82 and a beta of 1.07. Broadcom Limited has a 12 month low of $160.62 and a 12 month high of $259.36. The stock has a 50 day moving average price of $249.04 and a 200-day moving average price of $236.06.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.03 by $0.07. The company had revenue of $4.47 billion for the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. Broadcom Limited’s revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company posted $2.89 earnings per share. Analysts forecast that Broadcom Limited will post $15.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be issued a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.63%. The ex-dividend date is Monday, September 18th. Broadcom Limited’s payout ratio is 348.72%.
In related news, SVP Charlie B. Kawwas sold 1,788 shares of Broadcom Limited stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Bryan Ingram sold 10,000 shares of Broadcom Limited stock in a transaction that occurred 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. Over the last three months, insiders have sold 41,788 shares of company stock worth $10,208,337. 3.60% of the stock is currently owned by corporate insiders.
AVGO has been the topic of a number of research analyst reports. Royal Bank Of Canada restated a “top pick” rating and set a $250.00 price target on shares of Broadcom Limited in a report on Tuesday, May 23rd. Morgan Stanley restated an “overweight” rating and set a $265.00 price target (up previously from $245.00) on shares of Broadcom Limited in a report on Thursday, May 25th. Mizuho restated a “buy” rating and set a $265.00 price target (up previously from $250.00) on shares of Broadcom Limited in a report on Sunday, May 28th. B. Riley restated a “buy” rating and set a $305.00 price target on shares of Broadcom Limited in a report on Tuesday, May 30th. Finally, Pacific Crest restated an “overweight” rating and set a $260.00 price target on shares of Broadcom Limited in a report on Wednesday, May 31st. Two research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $274.48.
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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