Passport Capital LLC cut its stake in Broadcom Ltd (NASDAQ:AVGO) by 92.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,831 shares of the semiconductor manufacturer’s stock after selling 23,212 shares during the quarter. Broadcom accounts for about 1.6% of Passport Capital LLC’s investment portfolio, making the stock its 9th largest holding. Passport Capital LLC’s holdings in Broadcom were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of AVGO. AllSquare Wealth Management LLC purchased a new stake in shares of Broadcom during the third quarter valued at $113,000. SeaCrest Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth about $124,000. FNY Partners Fund LP purchased a new stake in Broadcom in the fourth quarter worth about $154,000. Independence Bank of Kentucky purchased a new stake in Broadcom in the fourth quarter worth about $188,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth about $210,000. 89.52% of the stock is currently owned by institutional investors.
In related news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $265.21, for a total value of $5,304,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas H. Krause sold 656 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $264.38, for a total value of $173,433.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,481 shares of company stock worth $21,805,795. 3.32% of the stock is currently owned by company insiders.
Several analysts have commented on the stock. BMO Capital Markets assumed coverage on shares of Broadcom in a research report on Monday, November 20th. They set an “outperform” rating and a $330.00 price target for the company. Canaccord Genuity increased their price target on shares of Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Nomura reiterated a “buy” rating on shares of Broadcom in a report on Tuesday, November 14th. Drexel Hamilton restated a “buy” rating and issued a $302.00 price objective on shares of Broadcom in a research report on Thursday, December 7th. Finally, Zacks Investment Research lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company. Broadcom currently has a consensus rating of “Buy” and a consensus price target of $306.75.
Shares of Broadcom Ltd (NASDAQ:AVGO) traded down $0.63 on Wednesday, reaching $260.59. The company had a trading volume of 3,960,488 shares, compared to its average volume of 3,940,000. The company has a debt-to-equity ratio of 0.75, a current ratio of 6.26 and a quick ratio of 5.68. Broadcom Ltd has a 1 year low of $208.44 and a 1 year high of $285.68. The stock has a market capitalization of $107,040.00, a P/E ratio of 66.31, a P/E/G ratio of 1.10 and a beta of 0.88.
Broadcom Company Profile
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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