Broadcom Inc (NASDAQ:AVGO) Shares Sold by Kendall Capital Management

Kendall Capital Management lessened its position in shares of Broadcom Inc (NASDAQ:AVGO) by 18.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,631 shares of the semiconductor manufacturer’s stock after selling 1,041 shares during the period. Broadcom accounts for about 1.4% of Kendall Capital Management’s portfolio, making the stock its 20th biggest holding. Kendall Capital Management’s holdings in Broadcom were worth $1,462,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Guggenheim Capital LLC raised its holdings in shares of Broadcom by 2.0% in the 4th quarter. Guggenheim Capital LLC now owns 215,010 shares of the semiconductor manufacturer’s stock valued at $67,948,000 after purchasing an additional 4,252 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in Broadcom by 20.3% in the fourth quarter. Sunbelt Securities Inc. now owns 3,931 shares of the semiconductor manufacturer’s stock valued at $1,242,000 after buying an additional 662 shares during the last quarter. Verus Capital Partners LLC acquired a new stake in Broadcom in the fourth quarter valued at $34,000. Macquarie Group Ltd. lifted its holdings in Broadcom by 12.7% during the 4th quarter. Macquarie Group Ltd. now owns 3,052,180 shares of the semiconductor manufacturer’s stock worth $964,550,000 after buying an additional 344,846 shares during the last quarter. Finally, RDA Financial Network boosted its position in shares of Broadcom by 13.4% during the 1st quarter. RDA Financial Network now owns 4,149 shares of the semiconductor manufacturer’s stock worth $984,000 after acquiring an additional 490 shares in the last quarter. Institutional investors own 81.19% of the company’s stock.

NASDAQ:AVGO traded up $4.65 during mid-day trading on Friday, reaching $316.75. The stock had a trading volume of 2,472,008 shares, compared to its average volume of 1,611,354. Broadcom Inc has a twelve month low of $155.67 and a twelve month high of $331.58. The business has a 50 day simple moving average of $310.87 and a 200 day simple moving average of $284.78. The firm has a market capitalization of $127.39 billion, a price-to-earnings ratio of 56.66, a PEG ratio of 1.51 and a beta of 0.90. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.01 and a current ratio of 2.15.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 4th. The semiconductor manufacturer reported $5.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $5.14. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.69 billion. Broadcom had a return on equity of 32.00% and a net margin of 10.97%. During the same period in the prior year, the business posted $5.21 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc will post 17.47 earnings per share for the current year.

In other news, Director Harry L. You sold 98 shares of Broadcom stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $315.46, for a total transaction of $30,915.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold 480,747 shares of company stock valued at $150,544,165 in the last quarter. 3.30% of the stock is currently owned by company insiders.

Several research firms recently weighed in on AVGO. Barclays boosted their target price on Broadcom from $320.00 to $345.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Piper Sandler lifted their price target on shares of Broadcom from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $340.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Oppenheimer started coverage on Broadcom in a report on Tuesday, June 16th. They set a “buy” rating and a $350.00 price objective on the stock. Finally, Evercore ISI raised Broadcom from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $315.00 to $380.00 in a report on Friday, June 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $339.25.

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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