Broadcom Limited (AVGO) is Crescent Park Management L.P.’s 2nd Largest Position
Crescent Park Management L.P. boosted its holdings in Broadcom Limited (NASDAQ:AVGO) by 8.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,949 shares of the semiconductor manufacturer’s stock after buying an additional 16,862 shares during the quarter. Broadcom Limited makes up about 9.9% of Crescent Park Management L.P.’s holdings, making the stock its 2nd largest position. Crescent Park Management L.P. owned 0.06% of Broadcom Limited worth $52,890,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Alps Advisors Inc. purchased a new position in Broadcom Limited in the second quarter valued at $221,000. Principal Financial Group Inc. increased its holdings in Broadcom Limited by 14.4% in the second quarter. Principal Financial Group Inc. now owns 667,057 shares of the semiconductor manufacturer’s stock valued at $155,459,000 after buying an additional 83,929 shares during the last quarter. DSAM Partners London Ltd increased its holdings in Broadcom Limited by 103.4% in the second quarter. DSAM Partners London Ltd now owns 184,714 shares of the semiconductor manufacturer’s stock valued at $43,048,000 after buying an additional 93,890 shares during the last quarter. Zweig DiMenna Associates LLC increased its holdings in Broadcom Limited by 79.0% in the second quarter. Zweig DiMenna Associates LLC now owns 96,680 shares of the semiconductor manufacturer’s stock valued at $22,531,000 after buying an additional 42,668 shares during the last quarter. Finally, Segment Wealth Management LLC increased its holdings in Broadcom Limited by 6.1% in the second quarter. Segment Wealth Management LLC now owns 14,030 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 810 shares during the last quarter. 89.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Broadcom Limited (NASDAQ AVGO) traded down 0.45% on Friday, reaching $239.29. 845,532 shares of the company’s stock were exchanged. The company has a market capitalization of $97.63 billion, a P/E ratio of 182.25 and a beta of 1.07. The stock’s 50-day moving average price is $249.11 and its 200-day moving average price is $236.86. Broadcom Limited has a 1-year low of $160.62 and a 1-year high of $259.36.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $4.03 by $0.07. The company had revenue of $4.47 billion during the quarter, compared to analyst estimates of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.89 EPS. Analysts anticipate that Broadcom Limited will post $15.92 EPS for the current fiscal 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 paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Monday, September 18th. Broadcom Limited’s dividend payout ratio is currently 348.72%.
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Several equities analysts recently commented on AVGO shares. Morgan Stanley reissued an “overweight” rating and issued a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a report on Thursday, May 25th. Mizuho reissued a “buy” rating and issued a $265.00 target price (up previously from $250.00) on shares of Broadcom Limited in a report on Sunday, May 28th. B. Riley reissued a “buy” rating and issued a $305.00 target price on shares of Broadcom Limited in a report on Tuesday, May 30th. Pacific Crest reissued an “overweight” rating and issued a $260.00 target price on shares of Broadcom Limited in a report on Wednesday, May 31st. Finally, Royal Bank Of Canada increased their target price on Broadcom Limited from $250.00 to $260.00 and gave the company a “top pick” rating in a report on Wednesday, May 31st. Two analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the company. Broadcom Limited presently has an average rating of “Buy” and an average price target of $276.74.
In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $246.48, for a total value of $4,929,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Bryan Ingram sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $244.01, for a total transaction of $7,320,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,788 shares of company stock valued at $12,692,037. Company insiders own 3.60% of the company’s stock.
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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