Kayne Anderson Rudnick Investment Management LLC decreased its stake in shares of Broadcom Limited (NASDAQ:AVGO) by 1.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,267 shares of the semiconductor manufacturer’s stock after selling 194 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Broadcom Limited were worth $2,393,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. FNY Managed Accounts LLC purchased a new position in Broadcom Limited during the 1st quarter valued at about $100,000. AllSquare Wealth Management LLC increased its position in Broadcom Limited by 38.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 483 shares of the semiconductor manufacturer’s stock valued at $106,000 after purchasing an additional 133 shares during the period. Shine Investment Advisory Services Inc. purchased a new position in Broadcom Limited during the 2nd quarter valued at about $116,000. Archford Capital Strategies LLC increased its position in Broadcom Limited by 45.4% during the 1st quarter. Archford Capital Strategies LLC now owns 538 shares of the semiconductor manufacturer’s stock valued at $118,000 after purchasing an additional 168 shares during the period. Finally, D. Scott Neal Inc. purchased a new position in Broadcom Limited during the 2nd quarter valued at about $127,000. Institutional investors own 90.04% of the company’s stock.
AVGO has been the topic of a number of research reports. B. Riley reissued an “avgo (” rating and set a $305.00 target price on shares of Broadcom Limited in a research report on Monday, August 21st. Craig Hallum raised their target price on shares of Broadcom Limited from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. Loop Capital reaffirmed a “buy” rating and issued a $270.00 price objective (up previously from $251.00) on shares of Broadcom Limited in a research report on Thursday, June 1st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $275.00 price objective (up previously from $255.00) on shares of Broadcom Limited in a research report on Thursday, June 1st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $260.00 price objective on shares of Broadcom Limited in a research report on Wednesday, May 31st. Two analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $274.48.
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In other news, SVP Charlie B. Kawwas sold 1,788 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was 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 own 3.60% of the company’s stock.
Shares of Broadcom Limited (AVGO) traded down 0.31% during midday trading on Friday, reaching $246.19. 878,981 shares of the company traded hands. Broadcom Limited has a 1-year low of $160.62 and a 1-year high of $259.36. The stock’s 50-day moving average is $249.05 and its 200-day moving average is $235.79. The stock has a market capitalization of $100.44 billion, a P/E ratio of 187.50 and a beta of 1.07.
Broadcom Limited (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.03 by $0.07. The business had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The business’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.89 EPS. Equities analysts predict that Broadcom Limited will post $15.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, September 18th. Broadcom Limited’s dividend payout ratio (DPR) is presently 348.72%.
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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