Broadcom Limited (AVGO) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. increased its position in shares of Broadcom Limited (NASDAQ:AVGO) by 107.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,139,983 shares of the semiconductor manufacturer’s stock after buying an additional 590,357 shares during the period. Prudential Financial Inc. owned 0.28% of Broadcom Limited worth $265,673,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in AVGO. Great Lakes Advisors LLC raised its position in shares of Broadcom Limited by 26.7% in the second quarter. Great Lakes Advisors LLC now owns 40,537 shares of the semiconductor manufacturer’s stock worth $9,447,000 after buying an additional 8,551 shares during the last quarter. Usca Ria LLC raised its position in shares of Broadcom Limited by 54.7% in the second quarter. Usca Ria LLC now owns 5,647 shares of the semiconductor manufacturer’s stock worth $1,316,000 after buying an additional 1,997 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Broadcom Limited by 25.1% in the second quarter. Parallel Advisors LLC now owns 877 shares of the semiconductor manufacturer’s stock worth $216,000 after buying an additional 176 shares during the last quarter. TRUE Private Wealth Advisors raised its position in shares of Broadcom Limited by 5.1% in the second quarter. TRUE Private Wealth Advisors now owns 1,426 shares of the semiconductor manufacturer’s stock worth $332,000 after buying an additional 69 shares during the last quarter. Finally, Zweig DiMenna Associates LLC raised its position in shares of Broadcom Limited by 79.0% in the second quarter. Zweig DiMenna Associates LLC now owns 96,680 shares of the semiconductor manufacturer’s stock worth $22,531,000 after buying an additional 42,668 shares during the last quarter. 90.94% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Limited (AVGO) traded down 2.18% during trading on Friday, reaching $249.48. The company had a trading volume of 2,351,963 shares. The stock has a 50 day moving average price of $249.57 and a 200 day moving average price of $231.91. Broadcom Limited has a 12 month low of $158.75 and a 12 month high of $259.36. The firm’s market capitalization is $101.44 billion. Broadcom Limited also was the recipient of unusually large options trading on Thursday. Stock traders purchased 20,934 put options on the company. This represents an increase of approximately 480% compared to the typical volume of 3,612 put options.

Broadcom Limited (NASDAQ:AVGO) last released its earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.03 by $0.07. The firm had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Broadcom Limited had a positive return on equity of 24.15% and a negative net margin of 1.54%. The company’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.89 EPS. On average, equities research analysts predict that Broadcom Limited will post $15.78 earnings per share for the current year.

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AVGO has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and issued a $260.00 price objective on shares of Broadcom Limited in a report on Wednesday, May 31st. Instinet restated a “buy” rating and issued a $260.00 price objective (up previously from $230.00) on shares of Broadcom Limited in a report on Wednesday, May 17th. UBS AG reiterated a “buy” rating and set a $265.00 price target on shares of Broadcom Limited in a report on Monday, June 26th. Sanford C. Bernstein reiterated an “outperform” rating and set a $285.00 price target (up previously from $265.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. Finally, Canaccord Genuity reiterated a “buy” rating and set a $272.00 price target (up previously from $250.00) on shares of Broadcom Limited in a report on Saturday, June 3rd. Two research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $266.22.

In other 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 value of $331,919.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Insiders sold a total of 41,306 shares of company stock valued at $10,380,120 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

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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