Investment Management of Virginia LLC Lowers Stock Position in Broadcom Inc (NASDAQ:AVGO)

Investment Management of Virginia LLC cut its position in shares of Broadcom Inc (NASDAQ:AVGO) by 1.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,500 shares of the semiconductor manufacturer’s stock after selling 105 shares during the quarter. Investment Management of Virginia LLC’s holdings in Broadcom were worth $1,794,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CRA Financial Services LLC boosted its holdings in Broadcom by 2.0% during the second quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock worth $488,000 after buying an additional 33 shares in the last quarter. Liberty Wealth Management LLC boosted its holdings in Broadcom by 62.5% during the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 35 shares in the last quarter. Tarbox Family Office Inc. boosted its holdings in Broadcom by 20.2% during the second quarter. Tarbox Family Office Inc. now owns 214 shares of the semiconductor manufacturer’s stock worth $62,000 after buying an additional 36 shares in the last quarter. Enterprise Financial Services Corp boosted its holdings in Broadcom by 14.7% during the second quarter. Enterprise Financial Services Corp now owns 289 shares of the semiconductor manufacturer’s stock worth $83,000 after buying an additional 37 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its holdings in Broadcom by 2.0% during the second quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock worth $558,000 after buying an additional 37 shares in the last quarter. 84.98% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Mark David Brazeal sold 2,000 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $289.43, for a total value of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $270.46, for a total transaction of $5,409,200.00. The disclosure for this sale can be found here. Insiders sold 62,000 shares of company stock valued at $17,550,860 over the last quarter. Company insiders own 3.30% of the company’s stock.

A number of equities analysts have weighed in on AVGO shares. Morgan Stanley upped their price objective on shares of Broadcom from $250.00 to $265.00 and gave the stock an “equal weight” rating in a research report on Friday, September 13th. BMO Capital Markets upped their price objective on shares of Broadcom to $310.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. SunTrust Banks set a $322.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, September 27th. Bank of America set a $345.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Daiwa Capital Markets cut shares of Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $313.69.

Shares of NASDAQ AVGO traded down $0.69 during mid-day trading on Monday, reaching $312.72. The company’s stock had a trading volume of 50,114 shares, compared to its average volume of 2,653,873. The stock has a 50-day moving average of $285.95 and a two-hundred day moving average of $285.07. The stock has a market capitalization of $124.57 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.36 and a beta of 0.90. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32. Broadcom Inc has a 1-year low of $217.61 and a 1-year high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. Broadcom’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $4.98 earnings per share. Analysts predict that Broadcom Inc will post 16.97 EPS for the current fiscal year.

Broadcom Company Profile

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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