SRS Investment Management LLC Has $311.47 Million Holdings in Broadcom Inc (NASDAQ:AVGO)

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SRS Investment Management LLC decreased its position in Broadcom Inc (NASDAQ:AVGO) by 39.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,082,008 shares of the semiconductor manufacturer’s stock after selling 718,392 shares during the period. Broadcom makes up approximately 6.7% of SRS Investment Management LLC’s holdings, making the stock its 4th biggest position. SRS Investment Management LLC owned 0.27% of Broadcom worth $311,467,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Advisors Inc. bought a new stake in shares of Broadcom in the 1st quarter worth about $191,000. Mid Atlantic Financial Management Inc. ADV grew its position in shares of Broadcom by 5.1% during the 1st quarter. Mid Atlantic Financial Management Inc. ADV now owns 1,117 shares of the semiconductor manufacturer’s stock valued at $336,000 after buying an additional 54 shares during the last quarter. Buckingham Capital Management Inc. grew its position in shares of Broadcom by 16.4% during the 1st quarter. Buckingham Capital Management Inc. now owns 15,935 shares of the semiconductor manufacturer’s stock valued at $4,792,000 after buying an additional 2,243 shares during the last quarter. LSV Asset Management bought a new stake in shares of Broadcom during the 1st quarter valued at about $1,593,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter valued at about $721,000. Hedge funds and other institutional investors own 84.57% of the company’s stock.

In related news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total transaction of $5,409,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,922 shares of company stock valued at $20,347,831. Company insiders own 3.30% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Summit Redstone raised shares of Broadcom to a “buy” rating in a research report on Friday, June 14th. Barclays lowered their price objective on shares of Broadcom from $360.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Morgan Stanley boosted their price objective on shares of Broadcom from $250.00 to $265.00 and gave the company an “equal weight” rating in a research report on Friday, September 13th. Daiwa Capital Markets downgraded shares of Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, August 15th. Finally, Rosenblatt Securities set a $370.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Friday, September 13th. Eleven research analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $312.06.

Shares of NASDAQ:AVGO traded down $5.70 during trading on Friday, reaching $284.94. The company had a trading volume of 1,113,684 shares, compared to its average volume of 2,073,956. The firm’s fifty day moving average is $281.52 and its 200 day moving average is $287.26. The firm has a market capitalization of $114.57 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 1.44 and a beta of 0.88. Broadcom Inc has a twelve month low of $208.23 and a twelve month high of $323.20. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.98 earnings per share. Equities analysts predict that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.

About Broadcom

Broadcom Inc 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.

See Also: Earnings Per Share (EPS)

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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