Putnam FL Investment Management Co. trimmed its position in shares of Broadcom Inc (NASDAQ:AVGO) by 10.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,402 shares of the semiconductor manufacturer’s stock after selling 9,145 shares during the quarter. Broadcom makes up about 1.7% of Putnam FL Investment Management Co.’s investment portfolio, making the stock its 12th biggest position. Putnam FL Investment Management Co.’s holdings in Broadcom were worth $18,711,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the business. SeaCrest Wealth Management LLC acquired a new stake in Broadcom in the fourth quarter worth $124,000. We Are One Seven LLC acquired a new stake in Broadcom in the fourth quarter worth $142,000. FNY Partners Fund LP bought a new stake in shares of Broadcom during the fourth quarter worth $154,000. Independence Bank of Kentucky bought a new stake in shares of Broadcom during the fourth quarter worth $188,000. Finally, Premia Global Advisors LLC bought a new stake in shares of Broadcom during the fourth quarter worth $198,000. 89.02% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CFO Thomas H. Krause sold 3,171 shares of the stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total value of $823,857.51. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $248.03, for a total transaction of $4,960,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,675 shares of company stock valued at $20,078,429. 3.30% of the stock is owned by company insiders.
Several brokerages have recently issued reports on AVGO. Vetr raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $269.37 price objective for the company in a research report on Thursday, January 25th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Thursday. Deutsche Bank initiated coverage on shares of Broadcom in a research note on Thursday, March 15th. They issued a “buy” rating and a $325.00 price target for the company. UBS initiated coverage on shares of Broadcom in a research note on Wednesday, April 4th. They issued a “buy” rating and a $350.00 price target for the company. Finally, DA Davidson cut their target price on shares of Broadcom to $300.00 and set a “positive” rating for the company in a research note on Thursday, May 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. Broadcom has an average rating of “Buy” and an average price target of $308.96.
Broadcom opened at $239.45 on Friday, according to MarketBeat Ratings. The firm has a market capitalization of $98.79 billion, a PE ratio of 16.74, a PEG ratio of 1.15 and a beta of 0.95. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.70 and a quick ratio of 5.04. Broadcom Inc has a 1 year low of $239.39 and a 1 year high of $241.50.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.41 by $0.71. The company had revenue of $5.33 billion during the quarter, compared to analyst estimates of $5.32 billion. Broadcom had a net margin of 41.37% and a return on equity of 29.50%. The firm’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.63 earnings per share. analysts forecast that Broadcom Inc will post 16.82 earnings per share for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a share repurchase program on Thursday, April 12th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Broadcom Limited 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.
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