Solaris Asset Management LLC bought a new position in shares of Broadcom Limited (NASDAQ:AVGO) during the second quarter, Holdings Channel reports. The institutional investor bought 8,348 shares of the semiconductor manufacturer’s stock, valued at approximately $1,946,000.
Other large investors also recently added to or reduced their stakes in the company. iAB Financial Bank increased its stake in Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock worth $370,000 after buying an additional 525 shares during the last quarter. BTIM Corp. acquired a new position in shares of Broadcom Limited during the first quarter worth $219,000. Comerica Bank boosted its position in shares of Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock worth $23,780,000 after buying an additional 1,375 shares during the period. V Wealth Management LLC acquired a new position in shares of Broadcom Limited during the first quarter worth $206,000. Finally, Wesbanco Bank Inc. boosted its position in shares of Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock worth $26,050,000 after buying an additional 1,853 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of Broadcom Limited (AVGO) opened at 240.71 on Friday. Broadcom Limited has a 52-week low of $158.75 and a 52-week high of $258.49. The stock has a 50 day moving average price of $245.89 and a 200 day moving average price of $228.35. The company’s market capitalization is $97.87 billion.
Broadcom Limited (NASDAQ:AVGO) last posted its earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.19. The business had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.11 billion. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.53 EPS. On average, analysts predict that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
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AVGO has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Broadcom Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. Instinet reaffirmed a “buy” rating and set a $260.00 price target (up from $230.00) on shares of Broadcom Limited in a research report on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “top pick” rating and set a $250.00 price target on shares of Broadcom Limited in a research report on Tuesday, May 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $265.00 price target (up from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Finally, Mizuho reaffirmed a “buy” rating and set a $265.00 price target (up from $250.00) on shares of Broadcom Limited in a research report on Sunday, May 28th. Two equities research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Broadcom Limited currently has an average rating of “Buy” and an average price target of $263.22.
In other Broadcom Limited news, insider Kirsten M. Spears sold 1,306 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $253.41, for a total value of $7,602,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,306 shares of company stock worth $10,380,120 over the last three months. 3.60% of the stock is owned by 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.
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