Cantillon Capital Management LLC boosted its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 19.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,197,873 shares of the semiconductor manufacturer’s stock after purchasing an additional 191,099 shares during the quarter. Broadcom comprises 3.5% of Cantillon Capital Management LLC’s holdings, making the stock its 13th largest holding. Cantillon Capital Management LLC owned 0.30% of Broadcom worth $344,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of AVGO. Pinnacle Bank raised its stake in 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 buying an additional 50 shares during the last quarter. First Financial Corp IN purchased a new position in shares of Broadcom in the first quarter worth about $30,000. Daiwa SB Investments Ltd. purchased a new position in shares of Broadcom in the first quarter worth about $30,000. Destination Wealth Management purchased a new position in shares of Broadcom in the first quarter worth about $41,000. Finally, Lenox Wealth Advisors LLC purchased a new position in shares of Broadcom in the first quarter worth about $44,000. 84.03% of the stock is currently owned by institutional investors.
In other Broadcom news, SVP Bryan Ingram sold 13,466 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the 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. In the last 90 days, insiders sold 65,388 shares of company stock worth $18,198,482. Insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.88 EPS. As a group, equities analysts expect that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.
Several research analysts recently weighed in on AVGO shares. BidaskClub cut Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday. Rosenblatt Securities reiterated a “buy” rating and set a $350.00 price target on shares of Broadcom in a research report on Monday, June 10th. Summit Insights upgraded Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price target for the company in a research report on Friday, June 14th. Summit Redstone upgraded Broadcom to a “buy” rating in a research report on Friday, June 14th. Finally, SunTrust Banks reduced their price target on Broadcom to $307.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Nine equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company. Broadcom currently has an average rating of “Buy” and a consensus target price 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.
Further Reading: Certificate of Deposit (CD)
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