ARGA Investment Management LP Raises Stake in Broadcom Limited (AVGO)
ARGA Investment Management LP boosted its position in Broadcom Limited (NASDAQ:AVGO) by 32.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,671 shares of the semiconductor manufacturer’s stock after buying an additional 1,400 shares during the period. ARGA Investment Management LP’s holdings in Broadcom Limited were worth $1,323,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Emerald Mutual Fund Advisers Trust bought a new position in shares of Broadcom Limited during the first quarter valued at approximately $214,000. Wetherby Asset Management Inc. increased its position in shares of Broadcom Limited by 33.2% in the first quarter. Wetherby Asset Management Inc. now owns 4,639 shares of the semiconductor manufacturer’s stock valued at $1,016,000 after buying an additional 1,157 shares during the period. Agran Libbie increased its position in shares of Broadcom Limited by 10.7% in the first quarter. Agran Libbie now owns 7,291 shares of the semiconductor manufacturer’s stock valued at $1,596,000 after buying an additional 705 shares during the period. Virtu Financial LLC bought a new position in shares of Broadcom Limited during the first quarter valued at approximately $408,000. Finally, Lourd Capital LLC bought a new position in shares of Broadcom Limited during the first quarter valued at approximately $300,000. Hedge funds and other institutional investors own 90.03% of the company’s stock.
Shares of Broadcom Limited (AVGO) traded up 0.7597% during mid-day trading on Thursday, reaching $247.8891. The company had a trading volume of 335,616 shares. Broadcom Limited has a 52-week low of $158.75 and a 52-week high of $259.36. The company has a market cap of $100.89 billion, a price-to-earnings ratio of 188.7960 and a beta of 1.05. The firm’s 50-day moving average price is $249.87 and its 200 day moving average price is $232.19.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The firm had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the previous year, the company posted $2.89 earnings per share. The company’s revenue was up 17.5% compared to the same quarter last year. Equities analysts expect that Broadcom Limited will post $15.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Monday, September 18th. Broadcom Limited’s dividend payout ratio (DPR) is presently 348.72%.
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Several brokerages have commented on AVGO. B. Riley reiterated a “buy” rating and set a $305.00 price target on shares of Broadcom Limited in a report on Tuesday, May 30th. UBS AG reiterated a “buy” rating and set a $265.00 price target (up previously from $245.00) on shares of Broadcom Limited in a report on Monday, June 5th. Cowen and Company reiterated a “buy” rating and set a $260.00 price target on shares of Broadcom Limited in a report on Friday, August 11th. Pacific Crest reiterated an “overweight” rating and set a $280.00 price target on shares of Broadcom Limited in a report on Wednesday, June 21st. Finally, Robert W. Baird reiterated an “outperform” rating and set a $290.00 price target (up previously from $260.00) on shares of Broadcom Limited in a report on Friday, August 25th. One investment analyst has rated the stock with a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $271.98.
In other news, insider Kirsten M. Spears sold 1,306 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $254.15, for a total value of $331,919.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 41,306 shares of company stock valued at $10,380,120. 3.60% of the stock is currently owned by corporate insiders.
Broadcom Limited Company Profile
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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