Covenant Asset Management LLC lowered its position in Broadcom Limited (NASDAQ:AVGO) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,817 shares of the semiconductor manufacturer’s stock after selling 175 shares during the period. Broadcom Limited comprises about 2.1% of Covenant Asset Management LLC’s investment portfolio, making the stock its 7th largest position. Covenant Asset Management LLC’s holdings in Broadcom Limited were worth $3,220,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Peapack Gladstone Financial Corp boosted its stake in shares of Broadcom Limited by 0.4% in the first quarter. Peapack Gladstone Financial Corp now owns 2,148 shares of the semiconductor manufacturer’s stock worth $470,000 after buying an additional 9 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Broadcom Limited by 0.7% in the second quarter. Private Trust Co. NA now owns 1,977 shares of the semiconductor manufacturer’s stock worth $460,000 after buying an additional 13 shares during the last quarter. IHT Wealth Management LLC boosted its stake in shares of Broadcom Limited by 1.4% in the first quarter. IHT Wealth Management LLC now owns 1,094 shares of the semiconductor manufacturer’s stock worth $238,000 after buying an additional 15 shares during the last quarter. Private Bank & Trust Co. boosted its stake in shares of Broadcom Limited by 1.4% in the first quarter. Private Bank & Trust Co. now owns 1,343 shares of the semiconductor manufacturer’s stock worth $294,000 after buying an additional 18 shares during the last quarter. Finally, First Heartland Consultants Inc. boosted its stake in shares of Broadcom Limited by 0.7% in the first quarter. First Heartland Consultants Inc. now owns 3,765 shares of the semiconductor manufacturer’s stock worth $824,000 after buying an additional 25 shares during the last quarter. Institutional investors and hedge funds own 90.24% of the company’s stock.
Broadcom Limited (AVGO) opened at 253.11 on Friday. The stock’s 50 day moving average price is $243.44 and its 200-day moving average price is $221.40. Broadcom Limited has a one year low of $156.69 and a one year high of $256.78. The firm’s market capitalization is $102.91 billion.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 1st. The semiconductor manufacturer reported $3.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.50 by $0.19. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The business had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the previous year, the firm earned $2.53 EPS. Broadcom Limited’s quarterly revenue was up 17.9% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Limited will post $15.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Monday, June 19th were given a $1.02 dividend. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $4.08 annualized dividend and a yield of 1.61%. Broadcom Limited’s payout ratio is -566.66%.
A number of analysts have recently issued reports on the company. B. Riley reiterated a “buy” rating and set a $305.00 target price on shares of Broadcom Limited in a report on Tuesday, May 30th. UBS AG reiterated a “buy” rating and set a $265.00 target price (up previously from $245.00) on shares of Broadcom Limited in a report on Monday, June 5th. Pacific Crest reiterated an “overweight” rating and set a $280.00 target price on shares of Broadcom Limited in a report on Wednesday, June 21st. Jefferies Group LLC reiterated a “buy” rating and set a $260.00 target price on shares of Broadcom Limited in a report on Friday, April 7th. Finally, Mizuho reiterated a “buy” rating and set a $275.00 target price (up previously from $265.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. One equities research analyst has rated the stock with a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $263.29.
In other Broadcom Limited news, SVP Bryan Ingram sold 30,000 shares of Broadcom Limited stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $253.41, for a total value of $7,602,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kirsten M. Spears sold 1,306 shares of Broadcom Limited stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $254.15, for a total value of $331,919.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,306 shares of company stock valued at $10,380,120. Corporate 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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