Kornitzer Capital Management Inc. KS decreased its position in shares of Broadcom Inc (NASDAQ:AVGO) by 6.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,866 shares of the semiconductor manufacturer’s stock after selling 760 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Broadcom were worth $3,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
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Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Pinnacle Bank increased its position in shares of Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC boosted its stake in Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 35 shares in the last quarter. Advisors Preferred LLC acquired a new stake in Broadcom in the second quarter valued at about $27,000. Garrett Wealth Advisory Group LLC acquired a new stake in Broadcom in the third quarter valued at about $28,000. Finally, Marquette Asset Management LLC acquired a new stake in Broadcom in the third quarter valued at about $28,000. Institutional investors own 84.98% of the company’s stock.
AVGO stock traded up $1.67 during mid-day trading on Friday, reaching $313.41. The company’s stock had a trading volume of 1,782,900 shares, compared to its average volume of 2,653,873. The business’s 50 day moving average price is $285.95 and its 200 day moving average price is $285.07. Broadcom Inc has a 12 month low of $217.61 and a 12 month high of $323.20. The company has a market cap of $124.57 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.36 and a beta of 0.90. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the company posted $4.98 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc will post 16.97 EPS for the current fiscal year.
In related news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $288.71, for a total transaction of $5,774,200.00. Also, insider Mark David Brazeal sold 2,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. Insiders have sold 62,000 shares of company stock valued at $17,550,860 in the last quarter. 3.30% of the stock is currently owned by corporate insiders.
Several research firms recently weighed in on AVGO. Morgan Stanley raised their price objective on Broadcom from $250.00 to $265.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. Susquehanna Bancshares raised their price objective on Broadcom from $315.00 to $345.00 and gave the company a “positive” rating in a research note on Friday, September 13th. Cowen set a $285.00 price objective on Broadcom and gave the company a “hold” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. set a $350.00 price objective on Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Mizuho reaffirmed a “buy” rating and issued a $340.00 price objective (up from $330.00) on shares of Broadcom in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $313.69.
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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