Suntrust Banks Inc. lowered its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 5.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,358 shares of the semiconductor manufacturer’s stock after selling 6,301 shares during the period. Suntrust Banks Inc.’s holdings in Broadcom Limited were worth $24,162,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Broadcom Limited by 3.1% in the fourth quarter. State Street Corp now owns 15,222,155 shares of the semiconductor manufacturer’s stock worth $2,690,819,000 after buying an additional 464,591 shares during the last quarter. Jennison Associates LLC raised its stake in Broadcom Limited by 904.2% in the first quarter. Jennison Associates LLC now owns 4,201,357 shares of the semiconductor manufacturer’s stock worth $919,929,000 after buying an additional 3,782,991 shares during the last quarter. Lone Pine Capital LLC raised its stake in Broadcom Limited by 36.7% in the fourth quarter. Lone Pine Capital LLC now owns 3,563,465 shares of the semiconductor manufacturer’s stock worth $629,914,000 after buying an additional 956,872 shares during the last quarter. Norges Bank acquired a new stake in Broadcom Limited during the fourth quarter worth $589,052,000. Finally, Prudential PLC raised its stake in Broadcom Limited by 1.9% in the fourth quarter. Prudential PLC now owns 2,235,913 shares of the semiconductor manufacturer’s stock worth $395,242,000 after buying an additional 42,567 shares during the last quarter. Institutional investors own 90.85% of the company’s stock.
Broadcom Limited (NASDAQ AVGO) traded down 0.48% during midday trading on Tuesday, reaching $239.99. The company’s stock had a trading volume of 2,438,075 shares. The company has a 50 day moving average price of $237.75 and a 200 day moving average price of $211.43. Broadcom Limited has a 1-year low of $142.27 and a 1-year high of $256.78. The firm’s market cap is $97.58 billion.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, topping the Zacks’ consensus estimate of $3.50 by $0.19. The business had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.11 billion. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period last year, the firm earned $2.53 earnings per share. On average, equities research analysts expect that Broadcom Limited will post $15.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Monday, June 19th will be paid a $1.02 dividend. The ex-dividend date is Thursday, June 15th. This represents a $4.08 dividend on an annualized basis and a yield of 1.70%. Broadcom Limited’s dividend payout ratio (DPR) is -566.66%.
A number of research firms have recently issued reports on AVGO. Raymond James Financial, Inc. reissued a “strong-buy” rating and set a $300.00 price target on shares of Broadcom Limited in a research report on Friday. Zacks Investment Research raised Broadcom Limited from a “hold” rating to a “buy” rating and set a $282.00 price target on the stock in a research report on Wednesday, June 7th. Instinet increased their price target on Broadcom Limited from $260.00 to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Macquarie reissued an “outperform” rating and set a $280.00 price target (up previously from $265.00) on shares of Broadcom Limited in a research report on Monday, June 5th. Finally, B. Riley reissued a “buy” rating and set a $305.00 price target on shares of Broadcom Limited in a research report on Sunday, June 4th. Two analysts have rated the stock with a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $255.72.
In other Broadcom Limited news, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $253.41, for a total value of $7,602,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of Broadcom Limited stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The disclosure for this sale can be found here. Insiders sold 45,704 shares of company stock valued at $11,112,822 over the last quarter. Insiders own 3.60% of the company’s stock.
About Broadcom Limited
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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