Contour Asset Management LLC Grows Stake in Broadcom Limited (AVGO)
Contour Asset Management LLC lifted its position in shares of Broadcom Limited (NASDAQ:AVGO) by 18.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,712 shares of the semiconductor manufacturer’s stock after buying an additional 37,192 shares during the quarter. Broadcom Limited makes up about 3.4% of Contour Asset Management LLC’s holdings, making the stock its 14th largest position. Contour Asset Management LLC owned about 0.06% of Broadcom Limited worth $56,098,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Alps Advisors Inc. acquired a new position in shares of Broadcom Limited during the 2nd quarter worth $221,000. Principal Financial Group Inc. raised its stake in shares of Broadcom Limited by 14.4% during the 2nd quarter. Principal Financial Group Inc. now owns 667,057 shares of the semiconductor manufacturer’s stock worth $155,459,000 after buying an additional 83,929 shares during the last quarter. DSAM Partners London Ltd raised its stake in shares of Broadcom Limited by 103.4% during the 2nd quarter. DSAM Partners London Ltd now owns 184,714 shares of the semiconductor manufacturer’s stock worth $43,048,000 after buying an additional 93,890 shares during the last quarter. Segment Wealth Management LLC raised its stake in shares of Broadcom Limited by 6.1% during the 2nd quarter. Segment Wealth Management LLC now owns 14,030 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 810 shares during the last quarter. Finally, Teachers Advisors LLC raised its stake in shares of Broadcom Limited by 0.3% during the 2nd quarter. Teachers Advisors LLC now owns 1,280,437 shares of the semiconductor manufacturer’s stock worth $298,406,000 after buying an additional 4,357 shares during the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.
In related news, SVP Bryan Ingram sold 10,000 shares of Broadcom Limited stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $240.62, for a total transaction of $2,406,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Charlie B. Kawwas sold 1,788 shares of Broadcom Limited stock in a transaction on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,788 shares of company stock valued at $15,098,237. 3.60% of the stock is owned by insiders.
Several research firms have recently issued reports on AVGO. UBS AG reaffirmed a “buy” rating and set a $265.00 price target on shares of Broadcom Limited in a research note on Monday, June 26th. Bank of America Corporation reissued a “buy” rating and issued a $300.00 target price on shares of Broadcom Limited in a research note on Friday. B. Riley reissued a “buy” rating and issued a $305.00 target price on shares of Broadcom Limited in a research note on Saturday, August 26th. Vetr raised shares of Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 target price for the company in a research note on Monday, August 14th. Finally, BidaskClub downgraded shares of Broadcom Limited from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. One investment analyst has rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Broadcom Limited presently has a consensus rating of “Buy” and an average price target of $276.80.
Shares of Broadcom Limited (NASDAQ AVGO) traded up 0.121% on Friday, reaching $243.965. The company had a trading volume of 459,029 shares. The company has a 50-day moving average price of $245.97 and a 200-day moving average price of $238.20. Broadcom Limited has a one year low of $160.62 and a one year high of $259.36. The firm has a market cap of $99.53 billion, a P/E ratio of 185.807 and a beta of 1.08.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The business had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the firm earned $2.89 earnings per share. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, analysts expect that Broadcom Limited will post $15.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Tuesday, September 19th were paid a dividend of $1.02 per share. The ex-dividend date of this dividend was Monday, September 18th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.67%. Broadcom Limited’s dividend payout ratio (DPR) is presently 348.72%.
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Broadcom Limited 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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