Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Sells 53 Shares of Broadcom Inc (NASDAQ:AVGO)

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Mitsubishi UFJ Kokusai Asset Management Co. Ltd. reduced its position in shares of Broadcom Inc (NASDAQ:AVGO) by 0.1% in the first quarter, HoldingsChannel reports. The firm owned 95,269 shares of the semiconductor manufacturer’s stock after selling 53 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Broadcom were worth $22,588,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AVGO. Norges Bank bought a new stake in shares of Broadcom during the 4th quarter valued at about $1,159,267,000. Capital International Investors grew its stake in shares of Broadcom by 7.6% during the 4th quarter. Capital International Investors now owns 29,539,532 shares of the semiconductor manufacturer’s stock valued at $9,335,080,000 after purchasing an additional 2,089,628 shares during the period. American International Group Inc. grew its stake in shares of Broadcom by 408.2% during the 1st quarter. American International Group Inc. now owns 886,622 shares of the semiconductor manufacturer’s stock valued at $210,218,000 after purchasing an additional 712,175 shares during the period. Investec Asset Management LTD grew its stake in shares of Broadcom by 107.3% during the 4th quarter. Investec Asset Management LTD now owns 1,053,905 shares of the semiconductor manufacturer’s stock valued at $333,055,000 after purchasing an additional 545,500 shares during the period. Finally, BlackRock Inc. grew its stake in shares of Broadcom by 2.0% during the 1st quarter. BlackRock Inc. now owns 25,415,446 shares of the semiconductor manufacturer’s stock valued at $6,026,003,000 after purchasing an additional 508,484 shares during the period. Institutional investors and hedge funds own 82.01% of the company’s stock.

A number of equities research analysts have issued reports on the company. Loop Capital upgraded Broadcom from a “hold” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Friday, March 13th. Royal Bank of Canada cut their price target on Broadcom from $360.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, March 13th. Barclays cut their price objective on Broadcom from $360.00 to $320.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. Mizuho reiterated a “buy” rating and set a $315.00 price objective on shares of Broadcom in a research note on Thursday, March 12th. Finally, SunTrust Banks cut their price objective on Broadcom from $366.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, March 13th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $314.00.

Shares of NASDAQ AVGO traded down $0.08 during trading hours on Friday, hitting $274.72. 873,027 shares of the company traded hands, compared to its average volume of 2,139,819. The stock has a market capitalization of $111.41 billion, a price-to-earnings ratio of 45.33, a price-to-earnings-growth ratio of 1.38 and a beta of 0.93. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 1.74. The company’s 50 day moving average price is $260.06 and its 200 day moving average price is $287.53. Broadcom Inc has a 12 month low of $155.67 and a 12 month high of $331.58.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $5.33 by ($0.08). The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $5.99 billion. Broadcom had a net margin of 11.64% and a return on equity of 32.46%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.55 EPS. Equities analysts anticipate that Broadcom Inc will post 17.43 EPS for the current year.

In other Broadcom news, CEO Hock E. Tan sold 62,500 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $292.86, for a total value of $18,303,750.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 1,348 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $264.39, for a total value of $356,397.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 144,494 shares of company stock worth $34,947,312. Corporate insiders own 3.30% of the company’s stock.

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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