Wetherby Asset Management Inc. Sells 314 Shares of Broadcom Inc (NASDAQ:AVGO)

Wetherby Asset Management Inc. trimmed its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 5.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,486 shares of the semiconductor manufacturer’s stock after selling 314 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Broadcom were worth $1,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Pinnacle Bank boosted its position in shares of Broadcom by 128.2% during the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 50 shares during the last quarter. First Financial Corp IN purchased a new position in Broadcom in the first quarter worth $30,000. Daiwa SB Investments Ltd. purchased a new position in Broadcom in the first quarter worth $30,000. Destination Wealth Management purchased a new position in Broadcom in the first quarter worth $41,000. Finally, Lenox Wealth Advisors LLC purchased a new position in Broadcom in the first quarter worth $44,000. Institutional investors own 84.03% of the company’s stock.

Shares of AVGO traded down $2.54 during mid-day trading on Tuesday, hitting $265.12. The stock had a trading volume of 106,693 shares, compared to its average volume of 2,122,307. The company has a market capitalization of $106.55 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 1.35 and a beta of 0.92. The stock’s fifty day moving average price is $285.88. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26. Broadcom Inc has a 52 week low of $202.77 and a 52 week high of $323.20.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company posted $4.88 EPS. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc will post 17.43 earnings per share for the current year.

In related news, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $264.00, for a total value of $5,280,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,388 shares of company stock worth $18,198,482. 3.30% of the stock is currently owned by corporate insiders.

Several research analysts have weighed in on AVGO shares. Rosenblatt Securities reissued a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a research report on Monday, June 10th. Raymond James reissued a “hold” rating on shares of Broadcom in a research report on Friday, June 14th. JPMorgan Chase & Co. cut their price objective on Broadcom from $365.00 to $350.00 and set an “overweight” rating on the stock in a research report on Friday, June 14th. ValuEngine cut Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets cut their price objective on Broadcom from $270.00 to $260.00 and set a “market perform” rating on the stock in a research report on Friday, June 14th. Nine research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $303.68.

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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