Logan Capital Management Inc. Decreases Stock Holdings in Broadcom Inc (NASDAQ:AVGO)

Logan Capital Management Inc. reduced its position in Broadcom Inc (NASDAQ:AVGO) by 1.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 139,047 shares of the semiconductor manufacturer’s stock after selling 1,813 shares during the quarter. Broadcom comprises about 2.4% of Logan Capital Management Inc.’s portfolio, making the stock its 4th largest position. Logan Capital Management Inc.’s holdings in Broadcom were worth $40,026,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AVGO. Westside Investment Management Inc. bought a new stake in shares of Broadcom during the 2nd quarter valued at approximately $95,006,000. CRA Financial Services LLC grew its holdings in shares of Broadcom by 2.0% during the 2nd quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock valued at $488,000 after purchasing an additional 33 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Broadcom by 5.9% during the 2nd quarter. Lindbrook Capital LLC now owns 701 shares of the semiconductor manufacturer’s stock valued at $201,000 after purchasing an additional 39 shares during the last quarter. First Business Financial Services Inc. grew its holdings in shares of Broadcom by 1.7% during the 2nd quarter. First Business Financial Services Inc. now owns 2,336 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 39 shares during the last quarter. Finally, Carnegie Capital Asset Management LLC bought a new stake in shares of Broadcom during the 2nd quarter valued at approximately $403,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently issued reports on the stock. Craig Hallum reaffirmed a “buy” rating and set a $315.00 price target (down from $325.00) on shares of Broadcom in a report on Friday, June 14th. Robert W. Baird reduced their target price on shares of Broadcom from $300.00 to $280.00 and set an “outperform” rating on the stock in a report on Monday, June 17th. BidaskClub lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Saturday. SunTrust Banks reduced their target price on shares of Broadcom to $307.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Finally, Deutsche Bank reduced their target price on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Nine analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. Broadcom presently has a consensus rating of “Buy” and an average target price of $303.68.

Broadcom stock opened at $278.53 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. Broadcom Inc has a 12-month low of $202.77 and a 12-month high of $323.20. The company’s fifty day moving average is $285.31. The firm has a market cap of $113.59 billion, a P/E ratio of 14.79, a PEG ratio of 1.38 and a beta of 0.92.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company earned $4.88 EPS. Broadcom’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.

In other Broadcom news, SVP Bryan Ingram sold 13,466 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $278.78, for a total transaction of $3,754,051.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock valued at $18,198,482 in the last 90 days. 3.30% of the stock is currently owned by company insiders.

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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