Broadcom Limited (NASDAQ:AVGO) is Southpoint Capital Advisors LP’s 7th Largest Position

Southpoint Capital Advisors LP lowered its stake in Broadcom Limited (NASDAQ:AVGO) by 15.4% during the first quarter, Holdings Channel reports. The institutional investor owned 550,000 shares of the semiconductor manufacturer’s stock after selling 100,000 shares during the period. Broadcom Limited accounts for 5.1% of Southpoint Capital Advisors LP’s holdings, making the stock its 7th largest position. Southpoint Capital Advisors LP’s holdings in Broadcom Limited were worth $120,428,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. iAB Financial Bank raised its stake in Broadcom Limited by 45.1% in the first quarter. iAB Financial Bank now owns 1,690 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 525 shares in the last quarter. BTIM Corp. purchased a new stake in Broadcom Limited during the first quarter valued at about $219,000. Comerica Bank raised its stake in Broadcom Limited by 1.3% in the first quarter. Comerica Bank now owns 106,595 shares of the semiconductor manufacturer’s stock valued at $23,780,000 after buying an additional 1,375 shares in the last quarter. V Wealth Management LLC purchased a new stake in Broadcom Limited during the first quarter valued at about $206,000. Finally, Wesbanco Bank Inc. raised its stake in Broadcom Limited by 1.6% in the first quarter. Wesbanco Bank Inc. now owns 118,971 shares of the semiconductor manufacturer’s stock valued at $26,050,000 after buying an additional 1,853 shares in the last quarter. Institutional investors and hedge funds own 90.29% of the company’s stock.

Broadcom Limited (NASDAQ AVGO) opened at 239.62 on Monday. The firm’s market capitalization is $97.43 billion. The stock’s 50 day moving average is $241.21 and its 200-day moving average is $214.99. Broadcom Limited has a one year low of $151.93 and a one year high of $256.78.

Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.50 by $0.19. The company had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.11 billion. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. Broadcom Limited’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $2.53 EPS. On average, analysts anticipate that Broadcom Limited will post $15.77 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Monday, June 19th were given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.70%. The ex-dividend date was Thursday, June 15th. Broadcom Limited’s dividend payout ratio (DPR) is -566.66%.

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AVGO has been the topic of several analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $265.00 price target (up previously from $245.00) on shares of Broadcom Limited in a research report on Thursday, May 25th. Royal Bank of Canada reiterated a “top pick” rating and set a $240.00 price target on shares of Broadcom Limited in a research report on Sunday, April 2nd. Pacific Crest reiterated an “overweight” rating and set a $260.00 price target on shares of Broadcom Limited in a research report on Wednesday, May 31st. Macquarie initiated coverage on shares of Broadcom Limited in a research note on Thursday, March 30th. They issued an “outperform” rating and a $265.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of Broadcom Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, May 2nd. One investment analyst has rated the stock with a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Broadcom Limited has a consensus rating of “Buy” and a consensus price target of $258.37.

In related news, insider Kirsten M. Spears sold 1,306 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $254.15, for a total transaction of $331,919.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total transaction of $2,445,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,306 shares of company stock worth $10,380,120 over the last three months. 3.60% of the stock is currently owned by insiders.

About Broadcom Limited

Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. 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 Limited (NASDAQ:AVGO)

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