Smithfield Trust Co. reduced its stake in Broadcom Inc (NASDAQ:AVGO) by 57.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 553 shares of the semiconductor manufacturer’s stock after selling 747 shares during the quarter. Smithfield Trust Co.’s holdings in Broadcom were worth $137,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Massey Quick Simon & CO. LLC bought a new stake in shares of Broadcom during the second quarter worth about $104,000. Zions Bancorporation bought a new stake in shares of Broadcom during the second quarter worth about $109,000. MUFG Americas Holdings Corp bought a new stake in shares of Broadcom during the second quarter worth about $109,000. MUFG Securities EMEA plc bought a new stake in shares of Broadcom during the second quarter worth about $117,000. Finally, First Personal Financial Services bought a new stake in shares of Broadcom during the second quarter worth about $126,000. 88.09% of the stock is owned by hedge funds and other institutional investors.

Shares of AVGO stock opened at $238.99 on Friday. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $96.91 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 0.95 and a beta of 0.99. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The firm had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company earned $4.10 earnings per share. On average, equities analysts expect that Broadcom Inc will post 18.09 EPS for the current year.

AVGO has been the subject of several recent research reports. Piper Jaffray Companies set a $293.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Mizuho reissued a “buy” rating on shares of Broadcom in a research report on Friday, October 5th. Bank of America raised shares of Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday, September 7th. BidaskClub raised shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Wednesday, August 29th. Finally, KeyCorp decreased their target price on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 25th. Eight research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the stock. Broadcom has a consensus rating of “Buy” and a consensus price target of $290.97.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,194 shares of company stock worth $13,785,345. Corporate insiders own 3.30% of the company’s stock.

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Broadcom Profile

Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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