Broadcom Inc (AVGO) Holdings Trimmed by US Bancorp DE

US Bancorp DE trimmed its holdings in Broadcom Inc (NASDAQ:AVGO) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,946 shares of the semiconductor manufacturer’s stock after selling 1,958 shares during the quarter. US Bancorp DE’s holdings in Broadcom were worth $14,298,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $6,240,939,000. FMR LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $2,768,560,000. Jennison Associates LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $1,392,514,000. Northern Trust Corp purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $1,142,053,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $1,127,357,000. Institutional investors and hedge funds own 88.09% of the company’s stock.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Monday, October 15th. The stock was sold at an average price of $231.03, for a total value of $4,620,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kirsten M. Spears sold 1,194 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,194 shares of company stock worth $13,785,345. Insiders own 3.30% of the company’s stock.

AVGO stock opened at $234.40 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $285.68. The firm has a market capitalization of $94.37 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, topping analysts’ consensus estimates of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the firm posted $4.10 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.

Several analysts have recently issued reports on the company. MED assumed coverage on Broadcom in a report on Thursday. They set a “buy” rating and a $310.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Broadcom in a report on Thursday. They set an “overweight” rating on the stock. Longbow Research lowered Broadcom from a “buy” rating to a “neutral” rating in a report on Thursday, July 12th. B. Riley lowered Broadcom from a “buy” rating to a “neutral” rating and decreased their price target for the company from $308.00 to $245.00 in a report on Thursday, July 12th. Finally, BMO Capital Markets lowered Broadcom from an “outperform” rating to a “market perform” rating and set a $230.00 price target on the stock. in a report on Friday, July 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty-one have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $291.29.

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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.

Further Reading: Understanding Analyst Ratings

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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