Broadcom Inc (AVGO) Position Cut by Smithfield Trust Co.
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.
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 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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