Edmp Inc. purchased a new stake in Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,415 shares of the semiconductor manufacturer’s stock, valued at approximately $3,286,000. Broadcom accounts for 3.0% of Edmp Inc.’s investment portfolio, making the stock its 13th biggest holding.
Other large investors have also recently made changes to their positions in the company. Pinnacle Bank increased its stake in shares of Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 50 shares during the period. First Financial Corp IN acquired a new position in shares of Broadcom during the first quarter valued at approximately $30,000. Daiwa SB Investments Ltd. acquired a new position in shares of Broadcom during the first quarter valued at approximately $30,000. Destination Wealth Management acquired a new position in shares of Broadcom during the first quarter valued at approximately $41,000. Finally, Lenox Wealth Advisors LLC acquired a new position in shares of Broadcom during the first quarter valued at approximately $44,000. Institutional investors own 84.03% of the company’s stock.
In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $292.16, for a total value of $5,843,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The disclosure for this sale can be found here. Insiders sold a total of 65,388 shares of company stock valued at $18,198,482 in the last ninety days. Company insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the business posted $4.88 EPS. The company’s revenue was up 10.0% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.
AVGO has been the topic of a number of research analyst reports. Craig Hallum reiterated a “buy” rating and set a $315.00 price objective (down previously from $325.00) on shares of Broadcom in a research note on Friday, June 14th. BidaskClub lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday. KeyCorp lowered their price objective on shares of Broadcom from $350.00 to $310.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Summit Redstone upgraded shares of Broadcom to a “buy” rating in a research note on Friday, June 14th. Finally, UBS Group lowered their price objective on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Nine equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $303.68.
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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