Amica Pension Fund Board of Trustees boosted its holdings in Broadcom Inc (NASDAQ:AVGO) by 19.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,343 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,103 shares during the period. Amica Pension Fund Board of Trustees’ holdings in Broadcom were worth $4,772,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Broadcom by 0.8% in the third quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after purchasing an additional 209,280 shares in the last quarter. FMR LLC bought a new position in Broadcom in the second quarter valued at $2,768,560,000. Jennison Associates LLC bought a new position in Broadcom in the second quarter valued at $1,392,514,000. Northern Trust Corp bought a new position in Broadcom in the second quarter valued at $1,142,053,000. Finally, Bank of New York Mellon Corp bought a new position in Broadcom in the second quarter valued at $1,127,357,000. 85.12% of the stock is owned by institutional investors and hedge funds.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $228.94, for a total value of $4,578,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,194 shares of company stock valued at $14,266,145. 3.30% of the stock is currently owned by corporate insiders.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.82 by $0.16. The company had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.10 EPS. As a group, equities research analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.
A number of research firms recently weighed in on AVGO. Zacks Investment Research reaffirmed a “hold” rating on shares of Broadcom in a research report on Monday, November 12th. Credit Suisse Group assumed coverage on shares of Broadcom in a research report on Friday, November 16th. They issued an “outperform” rating and a $300.00 target price for the company. BMO Capital Markets reissued a “hold” rating and issued a $230.00 price objective on shares of Broadcom in a research report on Friday, September 7th. ValuEngine raised shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Finally, BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, November 8th. Nine research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company. Broadcom has an average rating of “Buy” and an average target price of $290.02.
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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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