GM Advisory Group Inc. Invests $2.22 Million in Broadcom Inc (NASDAQ:AVGO)
GM Advisory Group Inc. acquired a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,342 shares of the semiconductor manufacturer’s stock, valued at approximately $2,215,000. Broadcom makes up about 0.6% of GM Advisory Group Inc.’s investment portfolio, making the stock its 28th biggest position.
Other hedge funds and other institutional investors have also modified their holdings of the company. Great Diamond Partners LLC purchased a new position in shares of Broadcom during the fourth quarter worth about $27,000. Private Ocean LLC grew its holdings in shares of Broadcom by 1,566.7% during the fourth quarter. Private Ocean LLC now owns 100 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 94 shares in the last quarter. Sterling Investment Advisors Ltd. bought a new stake in Broadcom in the 4th quarter worth approximately $31,000. Islay Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth approximately $32,000. Finally, Verus Capital Partners LLC bought a new stake in Broadcom in the 4th quarter worth approximately $34,000. 81.79% of the stock is owned by institutional investors.
In related news, CEO Hock E. Tan sold 73,646 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $198.18, for a total transaction of $14,595,164.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Charlie B. Kawwas sold 1,348 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $264.39, for a total value of $356,397.72. The disclosure for this sale can be found here. Insiders have sold a total of 81,994 shares of company stock valued at $16,643,562 in the last 90 days. 3.00% of the stock is currently owned by company insiders.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 earnings per share for the quarter, missing the consensus estimate of $5.33 by ($0.08). The firm had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $5.99 billion. Broadcom had a net margin of 11.64% and a return on equity of 32.46%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.55 EPS. As a group, research analysts predict that Broadcom Inc will post 17.21 EPS for the current fiscal year.
A number of analysts recently weighed in on the company. Charter Equity upgraded Broadcom from a “market perform” rating to an “outperform” rating in a research report on Sunday, April 19th. Royal Bank of Canada dropped their target price on Broadcom from $360.00 to $300.00 and set an “outperform” rating for the company in a research report on Friday, March 13th. Wells Fargo & Co restated a “hold” rating on shares of Broadcom in a research report on Friday, March 13th. KeyCorp boosted their target price on Broadcom from $240.00 to $290.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Finally, Bank of America boosted their target price on Broadcom from $305.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirty have assigned a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and a consensus price target of $314.78.
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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