CX Institutional Sells 466 Shares of Broadcom Inc (NASDAQ:AVGO)

Share on StockTwits

CX Institutional trimmed its position in shares of Broadcom Inc (NASDAQ:AVGO) by 77.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 138 shares of the semiconductor manufacturer’s stock after selling 466 shares during the period. CX Institutional’s holdings in Broadcom were worth $38,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its stake in Broadcom by 17.8% during the second quarter. Janus Henderson Group PLC now owns 978,371 shares of the semiconductor manufacturer’s stock valued at $281,577,000 after acquiring an additional 147,769 shares during the period. Endurance Wealth Management Inc. increased its stake in Broadcom by 8.4% during the second quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after acquiring an additional 585 shares during the period. Parsons Capital Management Inc. RI increased its stake in Broadcom by 13.2% during the second quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock valued at $474,000 after acquiring an additional 192 shares during the period. 9258 Wealth Management LLC increased its stake in Broadcom by 5.8% during the second quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock valued at $449,000 after acquiring an additional 85 shares during the period. Finally, Cookson Peirce & Co. Inc. increased its stake in Broadcom by 63.0% during the second quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock valued at $17,511,000 after acquiring an additional 23,514 shares during the period. Hedge funds and other institutional investors own 84.86% of the company’s stock.

Several brokerages recently issued reports on AVGO. BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Tuesday. SunTrust Banks set a $322.00 price target on Broadcom and gave the company a “buy” rating in a research note on Friday, September 27th. Morgan Stanley boosted their price target on Broadcom from $250.00 to $265.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. Wells Fargo & Co boosted their price target on Broadcom from $290.00 to $300.00 and gave the company a “market perform” rating in a research note on Friday, September 13th. Finally, Jefferies Financial Group set a $350.00 price target on Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $312.06.

AVGO stock opened at $280.91 on Friday. The firm has a market cap of $108.35 billion, a P/E ratio of 15.11, a P/E/G ratio of 1.36 and a beta of 0.89. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. Broadcom Inc has a 1-year low of $208.23 and a 1-year high of $323.20. The business’s 50 day moving average is $281.89 and its 200-day moving average is $287.11.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.98 earnings per share. Sell-side analysts forecast that Broadcom Inc will post 16.97 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were issued a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.77%. The ex-dividend date was Friday, September 20th. Broadcom’s payout ratio is currently 56.29%.

In other news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 60,000 shares of company stock worth $17,026,600 over the last three months. 3.30% of the stock is owned by company insiders.

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.

Featured Article: Initial Coin Offerings entail a high degree of risk

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.