Convergence Investment Partners LLC Buys 131 Shares of Broadcom Inc (NASDAQ:AVGO)

Convergence Investment Partners LLC lifted its stake in Broadcom Inc (NASDAQ:AVGO) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,465 shares of the semiconductor manufacturer’s stock after acquiring an additional 131 shares during the period. Convergence Investment Partners LLC’s holdings in Broadcom were worth $1,725,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. HHM Wealth Advisors LLC bought a new stake in Broadcom during the first quarter valued at $29,000. Verus Capital Partners LLC bought a new stake in Broadcom during the fourth quarter valued at $34,000. Private Ocean LLC boosted its stake in Broadcom by 45.0% during the first quarter. Private Ocean LLC now owns 145 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 45 shares during the period. Atwood & Palmer Inc. boosted its stake in Broadcom by 532.0% during the first quarter. Atwood & Palmer Inc. now owns 158 shares of the semiconductor manufacturer’s stock valued at $37,000 after buying an additional 133 shares during the period. Finally, Price Wealth LLC bought a new stake in Broadcom during the second quarter valued at $37,000. 81.19% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently issued reports on AVGO. Loop Capital initiated coverage on Broadcom in a research note on Friday, June 5th. They set a “reduce” rating and a $260.00 price objective for the company. Oppenheimer initiated coverage on Broadcom in a research note on Tuesday, June 16th. They set a “buy” rating and a $350.00 price target for the company. Barclays lifted their price target on Broadcom from $320.00 to $345.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. BMO Capital Markets lifted their price target on Broadcom from $330.00 to $350.00 in a research note on Friday, June 5th. Finally, KeyCorp lifted their price target on Broadcom from $290.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-nine have given a buy rating to the stock. Broadcom has an average rating of “Buy” and a consensus target price of $339.25.

In other news, SVP Charlie B. Kawwas sold 27,192 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $313.66, for a total value of $8,529,042.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 57,171 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $308.49, for a total value of $17,636,681.79. The disclosure for this sale can be found here. Over the last three months, insiders sold 480,747 shares of company stock worth $150,544,165. Insiders own 3.30% of the company’s stock.

Broadcom stock traded up $4.65 during trading hours on Friday, hitting $316.75. 2,472,008 shares of the stock traded hands, compared to its average volume of 1,611,354. The firm’s 50-day moving average price is $310.87 and its two-hundred day moving average price is $284.78. The company has a current ratio of 2.15, a quick ratio of 2.01 and a debt-to-equity ratio of 1.88. The company has a market cap of $127.39 billion, a PE ratio of 56.66, a PEG ratio of 1.49 and a beta of 0.90. Broadcom Inc has a one year low of $155.67 and a one year high of $331.58.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $5.14. Broadcom had a return on equity of 32.00% and a net margin of 10.97%. The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.69 billion. During the same period in the previous year, the firm posted $5.21 EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc will post 17.47 earnings per share for the current fiscal year.

Broadcom 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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