Main Street Research LLC increased its position in shares of Broadcom Limited (NASDAQ:AVGO) by 7.5% during the second quarter, Holdings Channel reports. The fund owned 56,273 shares of the semiconductor manufacturer’s stock after buying an additional 3,948 shares during the period. Broadcom Limited makes up about 2.1% of Main Street Research LLC’s investment portfolio, making the stock its 13th largest position. Main Street Research LLC’s holdings in Broadcom Limited were worth $13,114,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FNY Managed Accounts LLC bought a new position in Broadcom Limited during the first quarter worth about $100,000. AllSquare Wealth Management LLC raised its position in Broadcom Limited by 38.0% in the first quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock worth $106,000 after buying an additional 133 shares during the last quarter. Crestwood Advisors Group LLC bought a new position in Broadcom Limited during the first quarter worth about $111,000. Archford Capital Strategies LLC raised its position in Broadcom Limited by 45.4% in the first quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock worth $118,000 after buying an additional 168 shares during the last quarter. Finally, D. Scott Neal Inc. bought a new position in Broadcom Limited during the second quarter worth about $127,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of Broadcom Limited (AVGO) traded down 0.13% during midday trading on Friday, hitting $253.11. The stock had a trading volume of 1,550,391 shares. The firm has a 50-day moving average price of $243.44 and a 200-day moving average price of $221.40. Broadcom Limited has a 1-year low of $156.69 and a 1-year high of $256.78. The firm’s market cap is $102.91 billion.
Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $4.11 billion. During the same period last year, the company earned $2.53 earnings per share. Broadcom Limited’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Limited will post $15.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Monday, June 19th were issued a dividend of $1.02 per share. The ex-dividend date was Thursday, June 15th. This represents a $4.08 annualized dividend and a yield of 1.61%. Broadcom Limited’s dividend payout ratio (DPR) is currently -566.66%.
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A number of research analysts have recently issued reports on AVGO shares. Rosenblatt Securities reissued a “buy” rating and issued a $260.00 target price on shares of Broadcom Limited in a report on Wednesday, May 31st. 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. 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. Jefferies Group LLC restated a “buy” rating and issued a $260.00 price target on shares of Broadcom Limited in a research note on Friday, April 7th. Finally, Instinet restated a “buy” rating and issued a $260.00 price target (up from $230.00) on shares of Broadcom Limited in a research note on Wednesday, May 17th. One equities research analyst has rated the stock with a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $263.29.
In other Broadcom Limited news, insider Kirsten M. Spears sold 1,306 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $254.15, for a total transaction of $331,919.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total value of $2,445,900.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,306 shares of company stock worth $10,380,120. Corporate insiders own 3.60% of the company’s stock.
About Broadcom Limited
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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