Groesbeck Investment Management Corp NJ raised its position in shares of Broadcom Ltd (NASDAQ:AVGO) by 1.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,322 shares of the semiconductor manufacturer’s stock after purchasing an additional 237 shares during the period. Broadcom accounts for approximately 3.1% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 7th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Broadcom were worth $4,450,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Janus Henderson Group PLC lifted its position in shares of Broadcom by 80.3% during the third quarter. Janus Henderson Group PLC now owns 3,397,443 shares of the semiconductor manufacturer’s stock worth $823,980,000 after acquiring an additional 1,512,956 shares in the last quarter. Egerton Capital UK LLP lifted its position in shares of Broadcom by 112.8% during the third quarter. Egerton Capital UK LLP now owns 1,493,024 shares of the semiconductor manufacturer’s stock worth $362,118,000 after acquiring an additional 791,460 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Broadcom during the second quarter worth $627,000. Asset Management One Co. Ltd. lifted its position in shares of Broadcom by 5,482.5% during the third quarter. Asset Management One Co. Ltd. now owns 604,530 shares of the semiconductor manufacturer’s stock worth $146,624,000 after acquiring an additional 593,701 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Broadcom by 8.1% during the fourth quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock worth $1,434,493,000 after acquiring an additional 418,420 shares in the last quarter. 88.54% of the stock is owned by institutional investors and hedge funds.
In other Broadcom news, SVP Bryan Ingram sold 794 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $267.34, for a total value of $693,747.30. The disclosure for this sale can be found here. Insiders have sold 86,674 shares of company stock worth $22,659,390 in the last 90 days. Company insiders own 3.60% of the company’s stock.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.52 by $0.07. Broadcom had a return on equity of 28.64% and a net margin of 10.18%. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter last year, the business posted $3.47 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. equities research analysts forecast that Broadcom Ltd will post 17.41 EPS for the current fiscal year.
Several equities research analysts have issued reports on the company. BidaskClub upgraded Broadcom from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research upgraded Broadcom from a “hold” rating to a “buy” rating and set a $255.00 target price on the stock in a research report on Tuesday. B. Riley restated a “buy” rating and set a $335.00 target price (up previously from $330.00) on shares of Broadcom in a research report on Thursday, February 1st. Canaccord Genuity increased their target price on Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Finally, Jefferies Group set a $286.00 target price on Broadcom and gave the stock a “buy” rating in a research report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $301.33.
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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