Alliancebernstein L.P. Boosts Position in Broadcom Limited (AVGO)

Alliancebernstein L.P. raised its position in shares of Broadcom Limited (NASDAQ:AVGO) by 1.2% during the first quarter, Holdings Channel reports. The fund owned 1,483,158 shares of the semiconductor manufacturer’s stock after buying an additional 16,952 shares during the period. Alliancebernstein L.P.’s holdings in Broadcom Limited were worth $324,752,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. AllSquare Wealth Management LLC increased its position in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in Broadcom Limited during the first quarter worth approximately $111,000. Independent Advisor Alliance acquired a new position in Broadcom Limited during the fourth quarter worth approximately $127,000. Kistler Tiffany Companies LLC increased its position in Broadcom Limited by 25.1% in the first quarter. Kistler Tiffany Companies LLC now owns 688 shares of the semiconductor manufacturer’s stock worth $151,000 after buying an additional 138 shares during the last quarter. Finally, Webster Bank N. A. increased its position in Broadcom Limited by 141.5% in the first quarter. Webster Bank N. A. now owns 850 shares of the semiconductor manufacturer’s stock worth $186,000 after buying an additional 498 shares during the last quarter. Institutional investors and hedge funds own 90.85% of the company’s stock.

Institutional Ownership by Quarter for Broadcom Limited (NASDAQ:AVGO)

Broadcom Limited (NASDAQ:AVGO) traded up 0.19% during trading on Tuesday, reaching $241.60. The company’s stock had a trading volume of 563,866 shares. The firm has a 50-day moving average price of $237.75 and a 200-day moving average price of $211.43. The firm’s market capitalization is $98.23 billion. Broadcom Limited has a 52 week low of $142.27 and a 52 week high of $256.78.

Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.50 by $0.19. The business had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. Broadcom Limited’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $2.53 earnings per share. On average, equities analysts anticipate that Broadcom Limited will post $15.77 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Monday, June 19th will be issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Thursday, June 15th. Broadcom Limited’s dividend payout ratio is presently -566.66%.

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A number of research firms have recently commented on AVGO. Drexel Hamilton reiterated a “buy” rating and issued a $280.00 price objective (up previously from $260.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. B. Riley reissued a “buy” rating and issued a $260.00 target price on shares of Broadcom Limited in a research report on Thursday, March 2nd. Mizuho reissued a “buy” rating and issued a $275.00 target price (up from $265.00) on shares of Broadcom Limited in a research report on Saturday, June 3rd. Raymond James Financial, Inc. reissued a “strong-buy” rating and issued a $300.00 target price on shares of Broadcom Limited in a research report on Friday. Finally, DA Davidson reissued a “buy” rating and issued a $285.00 target price (up from $250.00) on shares of Broadcom Limited in a research report on Saturday, June 3rd. Two equities research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $255.72.

In related news, insider Kirsten M. Spears sold 1,306 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $253.41, for a total transaction of $7,602,300.00. The disclosure for this sale can be found here. Insiders sold 45,704 shares of company stock valued at $11,112,822 over the last quarter. 3.60% of the stock is currently owned by corporate insiders.

About Broadcom Limited

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:AVGO”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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