Broadcom Limited (AVGO) Holdings Raised by Pittenger & Anderson Inc.
Pittenger & Anderson Inc. boosted its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 4.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,237 shares of the semiconductor manufacturer’s stock after purchasing an additional 285 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Broadcom Limited were worth $1,687,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. State Farm Mutual Automobile Insurance Co. acquired a new position in shares of Broadcom Limited during the second quarter worth approximately $9,934,000. Aberdeen Asset Management PLC UK lifted its holdings in shares of Broadcom Limited by 1.8% during the second quarter. Aberdeen Asset Management PLC UK now owns 148,375 shares of the semiconductor manufacturer’s stock worth $34,579,000 after buying an additional 2,598 shares during the last quarter. AXA lifted its holdings in shares of Broadcom Limited by 1.4% during the second quarter. AXA now owns 126,626 shares of the semiconductor manufacturer’s stock worth $29,511,000 after buying an additional 1,750 shares during the last quarter. South Dakota Investment Council lifted its holdings in shares of Broadcom Limited by 3.4% during the second quarter. South Dakota Investment Council now owns 24,600 shares of the semiconductor manufacturer’s stock worth $5,733,000 after buying an additional 800 shares during the last quarter. Finally, CIBC World Markets Inc. acquired a new position in shares of Broadcom Limited during the second quarter worth approximately $20,810,000. 90.04% of the stock is owned by hedge funds and other institutional investors.
AVGO has been the subject of a number of research analyst reports. Vetr upgraded Broadcom Limited from a “hold” rating to a “buy” rating and set a $261.95 price target for the company in a report on Monday, August 28th. Rosenblatt Securities reiterated a “buy” rating and set a $260.00 price target on shares of Broadcom Limited in a report on Wednesday, May 31st. Royal Bank Of Canada reiterated a “buy” rating and set a $285.00 price target (up from $270.00) on shares of Broadcom Limited in a report on Saturday, August 26th. Instinet reiterated a “buy” rating and set a $260.00 price target (up from $230.00) on shares of Broadcom Limited in a report on Wednesday, May 17th. Finally, UBS AG reiterated a “buy” rating and set a $265.00 price target on shares of Broadcom Limited in a report on Monday, June 26th. Two investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the stock. Broadcom Limited has an average rating of “Buy” and an average target price of $271.98.
Broadcom Limited (NASDAQ:AVGO) traded down 0.99% during trading on Friday, reaching $244.11. The company’s stock had a trading volume of 1,810,040 shares. The stock has a market cap of $99.35 billion, a price-to-earnings ratio of 185.92 and a beta of 1.07. Broadcom Limited has a 52-week low of $158.75 and a 52-week high of $259.36. The firm has a 50 day moving average price of $249.89 and a 200-day moving average price of $234.79.
Broadcom Limited (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, topping the Zacks’ 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 period last year, the company earned $2.89 earnings per share. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. On average, analysts expect that Broadcom Limited will post $15.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th will be issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Monday, September 18th. Broadcom Limited’s payout ratio is currently 348.72%.
In other news, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $244.59, for a total value of $2,445,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.60% of the stock is owned by company insiders.
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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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