Benson Investment Management Company Inc. decreased its position in shares of Broadcom Limited (NASDAQ:AVGO) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,285 shares of the semiconductor manufacturer’s stock after selling 510 shares during the period. Broadcom Limited accounts for about 2.2% of Benson Investment Management Company Inc.’s holdings, making the stock its 17th largest position. Benson Investment Management Company Inc.’s holdings in Broadcom Limited were worth $2,397,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Peapack Gladstone Financial Corp increased its position in Broadcom Limited by 0.4% in the first quarter. Peapack Gladstone Financial Corp now owns 2,148 shares of the semiconductor manufacturer’s stock valued at $470,000 after buying an additional 9 shares during the period. Private Trust Co. NA increased its position in Broadcom Limited by 0.7% in the second quarter. Private Trust Co. NA now owns 1,977 shares of the semiconductor manufacturer’s stock valued at $460,000 after buying an additional 13 shares during the period. IHT Wealth Management LLC increased its position in Broadcom Limited by 1.4% in the first quarter. IHT Wealth Management LLC now owns 1,094 shares of the semiconductor manufacturer’s stock valued at $238,000 after buying an additional 15 shares during the period. Private Bank & Trust Co. increased its position in Broadcom Limited by 1.4% in the first quarter. Private Bank & Trust Co. now owns 1,343 shares of the semiconductor manufacturer’s stock valued at $294,000 after buying an additional 18 shares during the period. Finally, First Heartland Consultants Inc. increased its position in Broadcom Limited by 0.7% in the first quarter. First Heartland Consultants Inc. now owns 3,765 shares of the semiconductor manufacturer’s stock valued at $824,000 after buying an additional 25 shares during the period. 90.60% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Limited (AVGO) traded down 0.43% during trading on Tuesday, reaching $251.36. The company’s stock had a trading volume of 2,043,898 shares. The firm’s 50-day moving average is $245.00 and its 200-day moving average is $226.55. The stock’s market cap is $102.20 billion. Broadcom Limited has a 52-week low of $158.75 and a 52-week high of $258.49.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 1st. The semiconductor manufacturer reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.19. Broadcom Limited had a negative net margin of 1.54% and a positive return on equity of 24.15%. The company had revenue of $4.20 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. Broadcom Limited’s revenue for the quarter was up 17.9% on a year-over-year basis. Equities research analysts forecast that Broadcom Limited will post $15.78 EPS for the current year.
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Several equities analysts recently weighed in on the company. UBS AG reiterated a “buy” rating and set a $265.00 target price (up from $245.00) on shares of Broadcom Limited in a research report on Monday, June 5th. Vetr downgraded Broadcom Limited from a “buy” rating to a “hold” rating and set a $258.25 price objective on the stock. in a report on Tuesday. B. Riley restated a “buy” rating and issued a $305.00 price objective on shares of Broadcom Limited in a report on Sunday, June 4th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $285.00 price objective on shares of Broadcom Limited in a report on Wednesday, July 12th. Finally, Canaccord Genuity restated a “buy” rating and issued a $272.00 price objective (up from $250.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. Two analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $263.22.
In related news, insider Kirsten M. Spears sold 1,306 shares of the business’s 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Bryan Ingram sold 10,000 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $244.59, for a total transaction of $2,445,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 41,306 shares of company stock worth $10,380,120. 3.60% of the stock is currently owned by insiders.
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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