Legacy Private Trust Co. Has $2.82 Million Stake in Broadcom Inc (AVGO)

Legacy Private Trust Co. cut its position in Broadcom Inc (NASDAQ:AVGO) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,376 shares of the semiconductor manufacturer’s stock after selling 377 shares during the period. Legacy Private Trust Co.’s holdings in Broadcom were worth $2,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Broadcom by 6.6% during the third quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock worth $8,298,223,000 after buying an additional 2,094,847 shares during the last quarter. Vanguard Group Inc raised its position in Broadcom by 6.6% in the third quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Oregon Public Employees Retirement Fund raised its position in Broadcom by 26,295.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 11,904,869 shares during the period. FMR LLC raised its position in Broadcom by 3.8% in the fourth quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock valued at $2,591,815,000 after purchasing an additional 374,911 shares during the period. Finally, Geode Capital Management LLC raised its position in Broadcom by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 5,111,832 shares of the semiconductor manufacturer’s stock valued at $1,297,609,000 after purchasing an additional 63,639 shares during the period. 87.01% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have commented on AVGO shares. JPMorgan Chase & Co. lifted their target price on Broadcom from $325.00 to $365.00 in a research report on Monday, March 18th. Citigroup started coverage on Broadcom in a research report on Friday, March 15th. They issued a “buy” rating on the stock. Jefferies Financial Group lifted their target price on Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research report on Friday, March 15th. SunTrust Banks lifted their target price on Broadcom to $339.00 and gave the company a “buy” rating in a research report on Friday, March 15th. They noted that the move was a valuation call. Finally, Craig Hallum lifted their target price on Broadcom from $305.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and thirty have given a buy rating to the company’s stock. Broadcom currently has a consensus rating of “Buy” and an average target price of $303.41.

Shares of NASDAQ:AVGO traded down $0.11 on Friday, hitting $315.71. 1,917,614 shares of the company’s stock were exchanged, compared to its average volume of 2,773,799. The stock has a market cap of $124.97 billion, a P/E ratio of 16.77, a P/E/G ratio of 1.49 and a beta of 0.68. Broadcom Inc has a 1-year low of $197.46 and a 1-year high of $323.20. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.32 by $1.23. The business had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.12 EPS. On average, equities research analysts predict that Broadcom Inc will post 17.65 EPS for the current year.

In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $291.27, for a total value of $5,825,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas H. Krause sold 14,494 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,824 shares of company stock valued at $26,390,919. Insiders own 3.30% of the company’s stock.

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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.

Further Reading: What is a Fiduciary?

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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