Pillar Pacific Capital Management LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Pillar Pacific Capital Management LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,500 shares of the semiconductor manufacturer’s stock after selling 552 shares during the quarter. Broadcom comprises approximately 1.1% of Pillar Pacific Capital Management LLC’s portfolio, making the stock its 22nd biggest holding. Pillar Pacific Capital Management LLC’s holdings in Broadcom were worth $12,917,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Broadcom by 1.0% in the fourth quarter. BlackRock Inc. now owns 26,016,338 shares of the semiconductor manufacturer’s stock valued at $11,391,253,000 after buying an additional 244,861 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Broadcom by 8.8% in the third quarter. Nuveen Asset Management LLC now owns 3,430,950 shares of the semiconductor manufacturer’s stock valued at $1,249,964,000 after buying an additional 278,003 shares in the last quarter. Morgan Stanley increased its position in shares of Broadcom by 9.1% in the third quarter. Morgan Stanley now owns 2,912,980 shares of the semiconductor manufacturer’s stock valued at $1,061,256,000 after buying an additional 242,922 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Broadcom by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,884,467 shares of the semiconductor manufacturer’s stock valued at $686,550,000 after buying an additional 62,990 shares in the last quarter. Finally, FMR LLC increased its position in shares of Broadcom by 1.1% in the fourth quarter. FMR LLC now owns 1,847,184 shares of the semiconductor manufacturer’s stock valued at $808,790,000 after buying an additional 19,772 shares in the last quarter. Hedge funds and other institutional investors own 80.62% of the company’s stock.

A number of research analysts have recently weighed in on AVGO shares. Argus raised their price target on Broadcom from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Monday, December 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $470.00 price objective (up previously from $430.00) on shares of Broadcom in a research note on Friday, December 11th. Credit Suisse Group increased their price objective on Broadcom from $420.00 to $480.00 and gave the company an “outperform” rating in a research note on Wednesday, December 9th. Oppenheimer reaffirmed a “buy” rating and set a $475.00 price objective on shares of Broadcom in a research note on Friday, December 11th. Finally, Wells Fargo & Company increased their price objective on Broadcom from $360.00 to $410.00 and gave the company an “equal weight” rating in a research note on Friday, December 11th. Five equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $422.59.

AVGO stock traded down $8.34 during midday trading on Tuesday, hitting $468.02. 50,492 shares of the company’s stock were exchanged, compared to its average volume of 1,637,027. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 1.69. Broadcom Inc. has a 12-month low of $155.67 and a 12-month high of $495.14. The firm has a 50 day moving average price of $461.79 and a 200-day moving average price of $396.97. The stock has a market capitalization of $190.35 billion, a price-to-earnings ratio of 74.24, a price-to-earnings-growth ratio of 1.50 and a beta of 1.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, December 9th. The semiconductor manufacturer reported $6.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.25 by $0.10. Broadcom had a return on equity of 35.23% and a net margin of 12.39%. The company had revenue of $6.47 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the previous year, the business earned $5.39 EPS. Broadcom’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 23.14 EPS for the current fiscal year.

In other news, CEO Hock E. Tan sold 78,125 shares of Broadcom stock in a transaction that occurred on Tuesday, December 8th. The stock was sold at an average price of $422.43, for a total value of $33,002,343.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction that occurred on Tuesday, December 15th. The stock was sold at an average price of $415.46, for a total value of $220,193.80. The disclosure for this sale can be found here. Insiders have sold a total of 178,268 shares of company stock worth $76,098,016 over the last 90 days. 3.00% of the stock is owned by company insiders.

Broadcom Profile

Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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