Flippin Bruce & Porter Inc. boosted its position in Broadcom Inc (NASDAQ:AVGO) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,164 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,125 shares during the period. Broadcom comprises approximately 2.6% of Flippin Bruce & Porter Inc.’s holdings, making the stock its 6th largest position. Flippin Bruce & Porter Inc.’s holdings in Broadcom were worth $14,484,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Ruggie Capital Group purchased a new position in Broadcom in the fourth quarter valued at about $25,000. AlphaOne Investment Services LLC purchased a new position in Broadcom in the fourth quarter valued at about $25,000. First Financial Corp IN purchased a new position in Broadcom in the first quarter valued at about $30,000. Daiwa SB Investments Ltd. purchased a new position in Broadcom in the first quarter valued at about $30,000. Finally, Advisors Preferred LLC purchased a new position in Broadcom in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.
A number of brokerages have issued reports on AVGO. ValuEngine raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. BidaskClub cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. KeyCorp increased their target price on shares of Broadcom from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Mizuho raised their price objective on shares of Broadcom from $305.00 to $335.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, Zacks Investment Research cut shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. 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. The company presently has a consensus rating of “Buy” and a consensus target price of $303.41.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.32 by $1.23. The firm had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. Broadcom’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $5.12 EPS. As a group, sell-side analysts expect that Broadcom Inc will post 17.65 EPS for the current year.
In other Broadcom news, SVP Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $295.05, for a total value of $2,950,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $315.07, for a total transaction of $6,301,400.00. The disclosure for this sale can be found here. Insiders sold a total of 87,824 shares of company stock valued at $26,390,919 over the last ninety days. 3.30% of the stock is owned by corporate insiders.
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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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