Convergence Investment Partners LLC Increases Position in Broadcom Inc (NASDAQ:AVGO)

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Convergence Investment Partners LLC increased its stake in Broadcom Inc (NASDAQ:AVGO) by 2.5% in the second quarter, HoldingsChannel.com reports. The firm owned 5,465 shares of the semiconductor manufacturer’s stock after acquiring an additional 131 shares during the quarter. Convergence Investment Partners LLC’s holdings in Broadcom were worth $1,725,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. StrongBox Wealth LLC increased its holdings in shares of Broadcom by 11.7% in the 2nd quarter. StrongBox Wealth LLC now owns 2,045 shares of the semiconductor manufacturer’s stock valued at $646,000 after purchasing an additional 215 shares in the last quarter. S. R. Schill & Associates increased its holdings in shares of Broadcom by 31.3% in the 2nd quarter. S. R. Schill & Associates now owns 6,635 shares of the semiconductor manufacturer’s stock valued at $2,094,000 after purchasing an additional 1,580 shares in the last quarter. Huntington National Bank increased its holdings in shares of Broadcom by 4.3% in the 2nd quarter. Huntington National Bank now owns 49,586 shares of the semiconductor manufacturer’s stock valued at $15,649,000 after purchasing an additional 2,053 shares in the last quarter. Chartwell Investment Partners LLC increased its holdings in shares of Broadcom by 11.4% in the 2nd quarter. Chartwell Investment Partners LLC now owns 5,821 shares of the semiconductor manufacturer’s stock valued at $1,837,000 after purchasing an additional 595 shares in the last quarter. Finally, State of Michigan Retirement System increased its holdings in shares of Broadcom by 12.2% in the 2nd quarter. State of Michigan Retirement System now owns 102,072 shares of the semiconductor manufacturer’s stock valued at $32,215,000 after purchasing an additional 11,094 shares in the last quarter. Institutional investors and hedge funds own 81.19% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of Broadcom from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Wells Fargo & Co restated a “hold” rating on shares of Broadcom in a report on Sunday, June 7th. Evercore ISI upgraded shares of Broadcom from an “in-line” rating to an “outperform” rating and raised their target price for the company from $315.00 to $380.00 in a report on Friday, June 26th. TheStreet upgraded shares of Broadcom from a “c+” rating to a “b” rating in a report on Thursday, June 4th. Finally, Susquehanna Bancshares raised their target price on shares of Broadcom from $300.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $339.25.

Shares of AVGO traded up $4.65 during mid-day trading on Friday, hitting $316.75. The company had a trading volume of 2,472,008 shares, compared to its average volume of 1,611,354. The business’s 50-day simple moving average is $310.87 and its 200-day simple moving average is $284.78. The company has a quick ratio of 2.01, a current ratio of 2.15 and a debt-to-equity ratio of 1.88. Broadcom Inc has a 1-year low of $155.67 and a 1-year high of $331.58. The stock has a market cap of $127.39 billion, a PE ratio of 56.66, a P/E/G ratio of 1.49 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $5.14. Broadcom had a net margin of 10.97% and a return on equity of 32.00%. The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.69 billion. During the same period last year, the company earned $5.21 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc will post 17.47 earnings per share for the current year.

In other Broadcom news, CFO Thomas H. Krause sold 40,000 shares of Broadcom stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $316.39, for a total transaction of $12,655,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Charlie B. Kawwas sold 27,192 shares of Broadcom stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $313.66, for a total transaction of $8,529,042.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 480,747 shares of company stock worth $150,544,165. 3.30% of the stock is currently owned by corporate insiders.

Broadcom Company 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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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