Nomura Asset Management Co. Ltd. lessened its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 33.9% during the third quarter, HoldingsChannel.com reports. The fund owned 173,982 shares of the semiconductor manufacturer’s stock after selling 89,355 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Broadcom were worth $42,926,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in Broadcom during the second quarter worth $6,240,939,000. FMR LLC acquired a new position in Broadcom during the second quarter worth $2,768,560,000. Jennison Associates LLC acquired a new position in Broadcom during the second quarter worth $1,392,514,000. Northern Trust Corp acquired a new position in Broadcom during the second quarter worth $1,142,053,000. Finally, Bank of New York Mellon Corp acquired a new position in Broadcom during the second quarter worth $1,127,357,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:AVGO opened at $226.54 on Tuesday. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The firm has a market capitalization of $98.81 billion, a PE ratio of 15.84, a P/E/G ratio of 0.97 and a beta of 0.99.

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

In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total value of $4,772,400.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction on Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Insiders sold 61,194 shares of company stock worth $13,785,345 over the last 90 days. Company insiders own 3.30% of the company’s stock.

AVGO has been the topic of a number of recent analyst reports. BidaskClub raised Broadcom from a “sell” rating to a “hold” rating in a report on Wednesday, August 29th. Nomura raised Broadcom from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $225.00 to $300.00 in a report on Monday, September 17th. UBS Group dropped their price objective on Broadcom from $330.00 to $300.00 and set a “buy” rating on the stock in a report on Friday, July 20th. Goldman Sachs Group lowered Broadcom from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $300.00 to $220.00 in a report on Wednesday, July 18th. Finally, SunTrust Banks dropped their price objective on Broadcom to $325.00 and set a “buy” rating on the stock in a report on Monday, July 23rd. Nine analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $290.97.

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About Broadcom

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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