Arcadia Investment Management Corp MI boosted its stake in Broadcom Inc (NASDAQ:AVGO) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,584 shares of the semiconductor manufacturer’s stock after purchasing an additional 442 shares during the period. Broadcom comprises approximately 1.7% of Arcadia Investment Management Corp MI’s investment portfolio, making the stock its 17th biggest position. Arcadia Investment Management Corp MI’s holdings in Broadcom were worth $6,208,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. MUFG Securities EMEA plc bought a new position in shares of Broadcom during the 2nd quarter worth approximately $117,000. Edge Wealth Management LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $135,000. Security National Trust Co. purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $163,000. Barrett Asset Management LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth approximately $175,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Broadcom in the 2nd quarter valued at approximately $190,000. Institutional investors and hedge funds own 84.21% of the company’s stock.
A number of research firms recently weighed in on AVGO. BidaskClub upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday. Barclays initiated coverage on shares of Broadcom in a research report on Tuesday, August 7th. They set an “overweight” rating and a $265.00 price target for the company. ValuEngine downgraded shares of Broadcom from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. KeyCorp lowered their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 25th. Finally, SunTrust Banks decreased their price objective on shares of Broadcom to $325.00 and set a “buy” rating on the stock in a research report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $291.87.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.05 by $0.83. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5 billion. During the same quarter last year, the business earned $3.69 earnings per share. Broadcom’s quarterly revenue was up 19.4% compared to the same quarter last year. equities research analysts forecast that Broadcom Inc will post 17.52 earnings per share for the current year.
In other news, SVP Bryan Ingram sold 10,604 shares of the firm’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $202.08, for a total transaction of $4,041,600.00. The disclosure for this sale can be found here. Insiders have sold 130,604 shares of company stock valued at $31,572,092 in the last quarter. 3.30% of the stock is owned by company 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.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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