Prio Wealth Limited Partnership Purchases Shares of 227,732 Broadcom Inc (AVGO)

Prio Wealth Limited Partnership purchased a new stake in Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 227,732 shares of the semiconductor manufacturer’s stock, valued at approximately $55,257,000. Broadcom accounts for 2.7% of Prio Wealth Limited Partnership’s holdings, making the stock its 3rd largest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BP PLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $12,135,000. Sigma Investment Counselors Inc. acquired a new position in shares of Broadcom in the 2nd quarter valued at about $286,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Broadcom in the 2nd quarter valued at about $5,552,000. BTIM Corp. acquired a new position in shares of Broadcom in the 2nd quarter valued at about $449,000. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $1,954,000. 82.68% of the stock is owned by institutional investors and hedge funds.

AVGO stock opened at $212.23 on Friday. Broadcom Inc has a 52 week low of $197.46 and a 52 week high of $285.68. The stock has a market cap of $93.49 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.98 and a beta of 0.93. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.29 and a current ratio of 5.87.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.83. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. During the same period in the previous year, the firm earned $3.69 EPS. Broadcom’s revenue was up 19.4% on a year-over-year basis. research analysts expect that Broadcom Inc will post 17.48 EPS for the current year.

In related news, SVP Bryan Ingram sold 10,604 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $270.02, for a total value of $2,863,292.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $269.69, for a total transaction of $5,393,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 120,604 shares of company stock worth $29,977,792 over the last 90 days. 3.30% of the stock is owned by insiders.

A number of research firms have issued reports on AVGO. DA Davidson reduced their target price on shares of Broadcom to $300.00 and set a “positive” rating for the company in a research note on Thursday, May 10th. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. ValuEngine raised shares of Broadcom from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 25th. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Wednesday, May 16th. Finally, Longbow Research lowered shares of Broadcom from a “buy” rating to a “neutral” rating in a research note on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $290.77.

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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