American International Group Inc. Takes Position in Broadcom Inc (AVGO)
American International Group Inc. bought a new stake in shares of Broadcom Inc (NASDAQ:AVGO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 172,913 shares of the semiconductor manufacturer’s stock, valued at approximately $41,956,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. People s United Financial Inc. bought a new stake in Broadcom in the 2nd quarter valued at $765,000. Paradigm Capital Management Inc. NY bought a new stake in Broadcom in the 2nd quarter valued at $39,963,000. Segall Bryant & Hamill LLC bought a new stake in Broadcom in the 2nd quarter valued at $19,778,000. Manchester Capital Management LLC bought a new stake in Broadcom in the 2nd quarter valued at $223,000. Finally, Mission Wealth Management LP bought a new stake in Broadcom in the 2nd quarter valued at $1,786,000. Institutional investors own 83.09% of the company’s stock.
A number of analysts have issued reports on AVGO shares. Bank of America reiterated a “neutral” rating and issued a $240.00 price target on shares of Broadcom in a report on Monday, July 16th. KeyCorp reduced their price target on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Broadcom from a “sell” rating to a “hold” rating in a report on Monday, June 4th. BidaskClub upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Tuesday, June 5th. Finally, Morgan Stanley lifted their price target on shares of Broadcom from $305.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 30th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $290.77.
Shares of NASDAQ:AVGO opened at $209.27 on Friday. The stock has a market cap of $91.62 billion, a P/E ratio of 14.63, a PEG ratio of 0.96 and a beta of 0.93. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 5.29 and a current ratio of 5.87.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, beating the consensus estimate of $4.05 by $0.83. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5 billion. Broadcom had a net margin of 56.32% and a return on equity of 28.81%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.69 EPS. equities analysts forecast that Broadcom Inc will post 17.48 EPS for the current year.
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.
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