Edge Capital Group LLC Grows Position in Broadcom Inc (NASDAQ:AVGO)

Edge Capital Group LLC boosted its holdings in Broadcom Inc (NASDAQ:AVGO) by 839.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,579 shares of the semiconductor manufacturer’s stock after acquiring an additional 17,494 shares during the quarter. Edge Capital Group LLC’s holdings in Broadcom were worth $5,636,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the business. BTIM Corp. raised its position in Broadcom by 1.7% in the first quarter. BTIM Corp. now owns 1,883 shares of the semiconductor manufacturer’s stock worth $566,000 after acquiring an additional 32 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Broadcom by 9.1% in the first quarter. Parkside Financial Bank & Trust now owns 395 shares of the semiconductor manufacturer’s stock valued at $119,000 after buying an additional 33 shares in the last quarter. CRA Financial Services LLC increased its position in shares of Broadcom by 2.0% in the second quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock valued at $488,000 after buying an additional 33 shares in the last quarter. Lindbrook Capital LLC increased its position in shares of Broadcom by 5.4% in the first quarter. Lindbrook Capital LLC now owns 662 shares of the semiconductor manufacturer’s stock valued at $199,000 after buying an additional 34 shares in the last quarter. Finally, First Business Financial Services Inc. increased its position in shares of Broadcom by 1.7% in the second quarter. First Business Financial Services Inc. now owns 2,336 shares of the semiconductor manufacturer’s stock valued at $672,000 after buying an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 84.03% of the company’s stock.

A number of research analysts have recently weighed in on the company. Craig Hallum restated a “buy” rating and issued a $315.00 price target (down previously from $325.00) on shares of Broadcom in a research report on Friday, June 14th. Summit Redstone upgraded Broadcom to a “buy” rating in a research report on Friday, June 14th. BidaskClub cut Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday. ValuEngine cut Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, DA Davidson dropped their price target on Broadcom to $300.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Nine investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $303.68.

Shares of NASDAQ:AVGO opened at $267.66 on Tuesday. The stock has a 50-day simple moving average of $285.88. The company has a current ratio of 1.26, a quick ratio of 1.13 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 firm has a market cap of $106.55 billion, a price-to-earnings ratio of 14.21, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company earned $4.88 EPS. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc will post 17.43 earnings per share for the current year.

In other news, SVP Bryan Ingram sold 13,466 shares of Broadcom stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total value of $3,754,051.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $292.16, for a total value of $5,843,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,388 shares of company stock worth $18,198,482. 3.30% of the stock is owned by corporate insiders.

Broadcom Company 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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