Garrison Asset Management LLC Has $3.39 Million Position in Broadcom Inc (AVGO)
Garrison Asset Management LLC lifted its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,267 shares of the semiconductor manufacturer’s stock after purchasing an additional 91 shares during the quarter. Broadcom accounts for about 1.8% of Garrison Asset Management LLC’s holdings, making the stock its 24th largest position. Garrison Asset Management LLC’s holdings in Broadcom were worth $3,388,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its stake in shares of Broadcom by 6.6% during the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Broadcom by 26,295.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 11,904,869 shares during the period. FMR LLC raised its stake in shares of Broadcom by 3.8% during the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock valued at $2,591,815,000 after purchasing an additional 374,911 shares during the period. Geode Capital Management LLC increased its stake in Broadcom by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 5,111,832 shares of the semiconductor manufacturer’s stock worth $1,297,609,000 after acquiring an additional 63,639 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Broadcom by 0.4% in the 4th quarter. Northern Trust Corp now owns 4,857,123 shares of the semiconductor manufacturer’s stock worth $1,235,068,000 after acquiring an additional 20,941 shares during the last quarter. Institutional investors own 86.96% of the company’s stock.
In related news, CFO Thomas H. Krause sold 14,494 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $291.27, for a total value of $5,825,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 87,824 shares of company stock valued at $26,390,919 over the last 90 days. 3.30% of the stock is currently owned by company insiders.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, beating the consensus estimate of $4.32 by $1.23. The company had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. Broadcom’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.12 EPS. As a group, equities research analysts expect that Broadcom Inc will post 17.65 EPS for the current fiscal year.
A number of equities analysts have weighed in on the company. ValuEngine lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Monday. Mizuho upped their target price on Broadcom from $295.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Deutsche Bank upped their target price on Broadcom from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Wells Fargo & Co restated a “hold” rating on shares of Broadcom in a research note on Friday, March 15th. Finally, UBS Group upped their target price on Broadcom from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-nine have issued a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and a consensus price target of $304.88.
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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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