Mitsubishi UFJ Securities Holdings Co. Ltd. cut its holdings in Broadcom Inc (NASDAQ:AVGO) by 78.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 450 shares of the semiconductor manufacturer’s stock after selling 1,600 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd.’s holdings in Broadcom were worth $111,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. BlackRock Inc. lifted its stake in Broadcom by 0.8% in the 3rd quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock worth $6,397,772,000 after purchasing an additional 209,280 shares in the last quarter. FMR LLC purchased a new stake in Broadcom in the 2nd quarter worth approximately $2,768,560,000. Northern Trust Corp purchased a new stake in Broadcom in the 2nd quarter worth approximately $1,142,053,000. Bank of New York Mellon Corp purchased a new stake in Broadcom in the 2nd quarter worth approximately $1,127,357,000. Finally, Janus Henderson Group PLC purchased a new stake in Broadcom in the 2nd quarter worth approximately $608,463,000. 85.22% of the stock is owned by institutional investors.
Several analysts have issued reports on the stock. BidaskClub cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. MED assumed coverage on shares of Broadcom in a research note on Thursday, November 8th. They issued a “buy” rating and a $310.00 target price on the stock. Craig Hallum reiterated a “buy” rating and issued a $300.00 target price (down from $330.00) on shares of Broadcom in a research note on Friday, September 7th. MKM Partners lowered their target price on shares of Broadcom to $255.00 in a research note on Friday, September 7th. Finally, JPMorgan Chase & Co. began coverage on shares of Broadcom in a research note on Thursday, November 8th. They issued an “overweight” rating and a $325.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $287.24.
In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $238.62, for a total transaction of $4,772,400.00. The disclosure for this sale can be found here. In the last three months, insiders sold 61,194 shares of company stock worth $14,266,145. Insiders own 3.30% of the company’s stock.
NASDAQ:AVGO traded down $8.69 during trading hours on Thursday, reaching $223.35. The company’s stock had a trading volume of 699,848 shares, compared to its average volume of 2,914,311. The stock has a market cap of $95.94 billion, a PE ratio of 15.62, a PEG ratio of 1.00 and a beta of 1.03. Broadcom Inc has a 1 year low of $197.46 and a 1 year high of $275.70. The company has a quick ratio of 3.42, a current ratio of 3.98 and a debt-to-equity ratio of 0.64.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping analysts’ consensus estimates of $4.82 by $0.16. The company 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 firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company earned $4.10 EPS. Sell-side analysts anticipate that Broadcom Inc will post 18.09 EPS for the current year.
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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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