Broadcom Inc (AVGO) Stake Increased by Cincinnati Financial Corp

Cincinnati Financial Corp grew its holdings in Broadcom Inc (NASDAQ:AVGO) by 22.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 227,900 shares of the semiconductor manufacturer’s stock after buying an additional 42,000 shares during the period. Broadcom accounts for about 2.2% of Cincinnati Financial Corp’s portfolio, making the stock its 19th biggest holding. Cincinnati Financial Corp owned approximately 0.06% of Broadcom worth $56,230,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Xact Kapitalforvaltning AB acquired a new stake in Broadcom during the 2nd quarter worth approximately $20,228,000. Raymond James Trust N.A. lifted its holdings in Broadcom by 13.8% during the 2nd quarter. Raymond James Trust N.A. now owns 10,806 shares of the semiconductor manufacturer’s stock worth $2,622,000 after purchasing an additional 1,307 shares during the last quarter. Gateway Investment Advisers LLC acquired a new stake in Broadcom during the 2nd quarter worth approximately $12,993,000. BLB&B Advisors LLC acquired a new stake in Broadcom during the 2nd quarter worth approximately $576,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new stake in Broadcom during the 2nd quarter worth approximately $27,754,000. 88.09% of the stock is owned by institutional investors.

Several research firms recently weighed in on AVGO. BidaskClub raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. Raymond James cut Broadcom from an “outperform” rating to a “market perform” rating in a report on Friday, July 13th. MED began coverage on Broadcom in a research note on Thursday. They set a “buy” rating and a $310.00 price objective on the stock. Cowen lowered their price objective on Broadcom from $300.00 to $245.00 and set an “outperform” rating on the stock in a research note on Thursday, July 12th. Finally, JPMorgan Chase & Co. began coverage on Broadcom in a research note on Thursday. They set an “overweight” rating and a $325.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-two have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $290.97.

In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $204.90, for a total transaction of $4,098,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,194 shares of company stock worth $13,785,345. Corporate insiders own 3.30% of the company’s stock.

Shares of AVGO opened at $240.25 on Friday. Broadcom Inc has a 52-week low of $197.46 and a 52-week high of $285.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. The firm has a market capitalization of $94.37 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The company had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the company posted $4.10 EPS. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.

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About Broadcom

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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