Grandview Asset Management LLC Takes Position in Broadcom Inc (AVGO)

Grandview Asset Management LLC acquired a new position in shares of Broadcom Inc (NASDAQ:AVGO) during the 1st quarter, HoldingsChannel reports. The fund acquired 1,000 shares of the semiconductor manufacturer’s stock, valued at approximately $301,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stratos Wealth Partners LTD. increased its position in shares of Broadcom by 63.1% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,598 shares of the semiconductor manufacturer’s stock valued at $1,683,000 after purchasing an additional 2,165 shares during the last quarter. Stratos Wealth Advisors LLC bought a new position in Broadcom in the 1st quarter valued at $245,000. Thoroughbred Financial Services LLC grew its position in Broadcom by 18.1% in the 1st quarter. Thoroughbred Financial Services LLC now owns 1,264 shares of the semiconductor manufacturer’s stock valued at $380,000 after acquiring an additional 194 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its position in Broadcom by 6.3% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 288,127 shares of the semiconductor manufacturer’s stock valued at $86,642,000 after acquiring an additional 17,114 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in Broadcom by 25.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 241,300 shares of the semiconductor manufacturer’s stock valued at $72,575,000 after acquiring an additional 48,988 shares during the last quarter. 86.96% of the stock is currently owned by institutional investors and hedge funds.

Shares of AVGO stock opened at $289.89 on Friday. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $323.20. The firm has a market capitalization of $114.75 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.39 and a beta of 0.68. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14.

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

Several equities analysts have commented on AVGO shares. JPMorgan Chase & Co. upped their price objective on Broadcom from $325.00 to $365.00 in a research report on Monday, March 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a research report on Friday, March 15th. Citigroup started coverage on Broadcom in a research report on Friday, March 15th. They issued a “buy” rating on the stock. Jefferies Financial Group upped their price objective on Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, SunTrust Banks upped their price objective 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $304.88.

In related news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $291.27, for a total transaction 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, insider Kirsten M. Spears sold 4,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $306.31, for a total value of $1,225,240.00. 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 quarter. Company 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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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