Southport Management L.L.C. decreased its position in Broadcom Ltd (NASDAQ:AVGO) by 28.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the semiconductor manufacturer’s stock after selling 2,000 shares during the quarter. Broadcom accounts for approximately 3.2% of Southport Management L.L.C.’s holdings, making the stock its 9th largest holding. Southport Management L.L.C.’s holdings in Broadcom were worth $1,213,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. M&R Capital Management Inc. increased its position in shares of Broadcom by 1.7% in the third quarter. M&R Capital Management Inc. now owns 31,380 shares of the semiconductor manufacturer’s stock valued at $7,612,000 after acquiring an additional 515 shares during the last quarter. Magnetar Financial LLC acquired a new stake in shares of Broadcom in the third quarter valued at about $299,000. Asset Management One Co. Ltd. increased its position in shares of Broadcom by 5,482.5% in the third quarter. Asset Management One Co. Ltd. now owns 604,530 shares of the semiconductor manufacturer’s stock valued at $146,624,000 after acquiring an additional 593,701 shares during the last quarter. AMP Capital Investors Ltd increased its position in shares of Broadcom by 9.9% in the third quarter. AMP Capital Investors Ltd now owns 222,153 shares of the semiconductor manufacturer’s stock valued at $53,881,000 after acquiring an additional 19,948 shares during the last quarter. Finally, Beck Capital Management LLC increased its position in shares of Broadcom by 5.3% in the third quarter. Beck Capital Management LLC now owns 4,803 shares of the semiconductor manufacturer’s stock valued at $1,165,000 after acquiring an additional 240 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Broadcom Ltd (AVGO) traded down $3.52 during trading hours on Friday, hitting $256.90. The stock had a trading volume of 1,796,263 shares, compared to its average volume of 3,249,494. Broadcom Ltd has a 12 month low of $173.31 and a 12 month high of $285.68. The company has a market capitalization of $106,606.19, a PE ratio of 60.31, a PEG ratio of 1.11 and a beta of 1.05. The company has a current ratio of 6.26, a quick ratio of 5.80 and a debt-to-equity ratio of 0.75.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Tuesday, December 19th were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Monday, December 18th. This is a boost from Broadcom’s previous quarterly dividend of $1.02. Broadcom’s payout ratio is currently 164.32%.
A number of analysts recently issued reports on AVGO shares. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $285.00 target price on shares of Broadcom in a research report on Tuesday, October 10th. KeyCorp reaffirmed an “overweight” rating and issued a $320.00 target price (up previously from $290.00) on shares of Broadcom in a research report on Monday, December 4th. Vetr downgraded Broadcom from a “buy” rating to a “hold” rating and set a $261.95 target price on the stock. in a research report on Monday, September 4th. Finally, Barclays lifted their target price on Broadcom from $290.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Four analysts have rated the stock with a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company. Broadcom presently has an average rating of “Buy” and an average price target of $303.29.
In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $260.03, for a total value of $5,200,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas H. Krause sold 656 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $264.38, for a total value of $173,433.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,674 shares of company stock valued at $22,311,790. Corporate insiders own 3.60% of the company’s stock.
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Broadcom Company Profile
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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