Broadcom Inc. $AVGO Shares Bought by SCS Capital Management LLC

SCS Capital Management LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 192.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 129,203 shares of the semiconductor manufacturer’s stock after purchasing an additional 84,953 shares during the quarter. SCS Capital Management LLC’s holdings in Broadcom were worth $35,615,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Sawyer & Company Inc lifted its stake in Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. purchased a new stake in Broadcom in the 2nd quarter valued at $28,000. LGT Financial Advisors LLC acquired a new stake in Broadcom during the 2nd quarter worth $31,000. Finally, New England Capital Financial Advisors LLC purchased a new position in Broadcom during the 2nd quarter worth $31,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Broadcom stock opened at $381.03 on Friday. The company has a market cap of $1.80 trillion, a P/E ratio of 97.20, a price-to-earnings-growth ratio of 1.30 and a beta of 1.19. Broadcom Inc. has a one year low of $138.10 and a one year high of $403.00. The business has a fifty day moving average of $355.68 and a two-hundred day moving average of $310.46. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. The business had revenue of $15.95 billion for the quarter, compared to analysts’ expectations of $15.82 billion. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. During the same period in the prior year, the company posted $1.24 EPS. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Weiss Ratings reissued a “buy (b-)” rating on shares of Broadcom in a report on Monday. Argus upped their price target on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, September 8th. Bank of America increased their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Monday. The Goldman Sachs Group set a $435.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research note on Tuesday, November 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $391.04.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 3,893 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the sale, the insider owned 25,295 shares of the company’s stock, valued at $8,798,106.90. The trade was a 13.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the transaction, the chief financial officer directly owned 313,330 shares of the company’s stock, valued at $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders acquired 3,550 shares of company stock valued at $1,227,869 and sold 665,271 shares valued at $225,483,192. 2.00% of the stock is owned by corporate insiders.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.