Sumitomo Life Insurance Co. Trims Stake in Broadcom Limited (AVGO)
Sumitomo Life Insurance Co. trimmed its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,959 shares of the semiconductor manufacturer’s stock after selling 560 shares during the period. Broadcom Limited makes up about 0.8% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 26th biggest position. Sumitomo Life Insurance Co.’s holdings in Broadcom Limited were worth $6,054,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in AVGO. FNY Managed Accounts LLC acquired a new position in shares of Broadcom Limited during the first quarter worth approximately $100,000. Mountain Capital Investment Advisors Inc acquired a new position in shares of Broadcom Limited during the second quarter worth approximately $113,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Broadcom Limited during the second quarter worth approximately $116,000. Archford Capital Strategies LLC lifted its position in shares of Broadcom Limited by 45.4% during 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 in the last quarter. Finally, D. Scott Neal Inc. acquired a new position in shares of Broadcom Limited during the second quarter worth approximately $127,000. Institutional investors own 89.65% of the company’s stock.
Broadcom Limited (NASDAQ AVGO) traded down 0.17% during midday trading on Monday, reaching $243.83. 384,497 shares of the company’s stock traded hands. Broadcom Limited has a one year low of $160.62 and a one year high of $259.36. The stock’s 50 day moving average price is $244.97 and its 200-day moving average price is $240.32. The stock has a market cap of $99.48 billion, a PE ratio of 185.70 and a beta of 1.08.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The firm had revenue of $4.47 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the firm earned $2.89 EPS. The business’s quarterly revenue was up 17.5% on a year-over-year basis. Equities analysts predict that Broadcom Limited will post $15.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th were given a dividend of $1.02 per share. The ex-dividend date was Monday, September 18th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.67%. Broadcom Limited’s payout ratio is currently 348.72%.
In other news, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $244.01, for a total transaction of $7,320,300.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom Limited stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $246.48, for a total value of $4,929,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,788 shares of company stock worth $20,054,837. Insiders own 3.60% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. UBS AG reiterated a “buy” rating and set a $265.00 target price on shares of Broadcom Limited in a research report on Monday, June 26th. B. Riley reiterated a “buy” rating and set a $305.00 target price on shares of Broadcom Limited in a research report on Saturday, August 26th. Vetr upgraded shares of Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 target price on the stock in a research report on Monday, August 14th. BidaskClub lowered shares of Broadcom Limited from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Finally, Barclays PLC upped their target price on shares of Broadcom Limited from $290.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. One analyst has rated the stock with a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $277.51.
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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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