Alerus Financial NA increased its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,127 shares of the semiconductor manufacturer’s stock after buying an additional 328 shares during the period. Alerus Financial NA’s holdings in Broadcom were worth $4,248,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ruggie Capital Group acquired a new position in Broadcom during the 4th quarter worth about $25,000. AlphaOne Investment Services LLC acquired a new position in Broadcom during the 4th quarter worth about $25,000. First Financial Corp IN acquired a new position in Broadcom during the 1st quarter worth about $30,000. Daiwa SB Investments Ltd. acquired a new position in Broadcom during the 1st quarter worth about $30,000. Finally, Advisors Preferred LLC acquired a new position in Broadcom during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 86.96% of the company’s stock.

Shares of AVGO stock opened at $304.37 on Thursday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market capitalization of $116.13 billion, a PE ratio of 16.16, a P/E/G ratio of 1.37 and a beta of 0.68. Broadcom Inc has a one year low of $197.46 and a one year high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.32 by $1.23. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The business had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same period in the previous year, the firm earned $5.12 EPS. Broadcom’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts expect that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.

In related news, SVP Charlie B. Kawwas sold 9,330 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas H. Krause sold 14,494 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $295.45, for a total value of $4,282,252.30. The disclosure for this sale can be found here. Insiders sold a total of 87,824 shares of company stock valued at $26,390,919 over the last quarter. 3.30% of the stock is owned by insiders.

AVGO has been the subject of several recent research reports. Mizuho boosted their price objective on Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, March 15th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. BidaskClub raised Broadcom from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 24th. KeyCorp boosted their price objective on Broadcom from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Finally, Citigroup initiated coverage on Broadcom in a report on Friday, March 15th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $304.88.

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About Broadcom

Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: Gross Domestic Product (GDP)

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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