RB Capital Management LLC lessened its holdings in Broadcom Inc (NASDAQ:AVGO) by 2.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,829 shares of the semiconductor manufacturer’s stock after selling 51 shares during the period. RB Capital Management LLC’s holdings in Broadcom were worth $550,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Ruggie Capital Group bought a new position in shares of Broadcom during the 4th quarter valued at about $25,000. AlphaOne Investment Services LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $25,000. First Financial Corp IN bought a new position in shares of Broadcom during the 1st quarter valued at about $30,000. Daiwa SB Investments Ltd. bought a new position in shares of Broadcom during the 1st quarter valued at about $30,000. Finally, CX Institutional boosted its holdings in shares of Broadcom by 555.6% during the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 86.96% of the company’s stock.
AVGO has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. Rosenblatt Securities reissued a “buy” rating and set a $350.00 price objective on shares of Broadcom in a report on Friday, March 15th. Citigroup initiated coverage on shares of Broadcom in a report on Friday, March 15th. They set a “buy” rating for the company. Jefferies Financial Group increased their price objective on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, SunTrust Banks increased their price objective on shares of Broadcom to $339.00 and gave the company a “buy” rating in a report on Friday, March 15th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $304.88.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, topping the Zacks’ consensus estimate of $4.32 by $1.23. The business had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $5.12 earnings per share. On average, sell-side analysts predict that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.
In other news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $291.27, for a total transaction of $5,825,400.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $304.51, for a total transaction of $3,045,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,824 shares of company stock worth $26,390,919. Corporate insiders own 3.30% of the company’s stock.
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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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