GW&K Investment Management LLC Grows Stake in Broadcom Inc (NASDAQ:AVGO)

GW&K Investment Management LLC raised its stake in Broadcom Inc (NASDAQ:AVGO) by 0.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 136,478 shares of the semiconductor manufacturer’s stock after acquiring an additional 448 shares during the quarter. GW&K Investment Management LLC’s holdings in Broadcom were worth $37,677,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in AVGO. Nuveen Asset Management LLC raised its position in Broadcom by 2,421.3% in the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after purchasing an additional 3,275,431 shares during the period. Point72 Asset Management L.P. increased its position in shares of Broadcom by 1,808.4% during the second quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock worth $223,805,000 after acquiring an additional 736,741 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Broadcom by 1.8% during the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock worth $9,153,324,000 after acquiring an additional 559,961 shares during the last quarter. Thoroughbred Financial Services LLC increased its position in shares of Broadcom by 40,641.1% during the second quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock worth $51,497,000 after acquiring an additional 513,703 shares during the last quarter. Finally, Natixis increased its position in shares of Broadcom by 840.6% during the second quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after acquiring an additional 393,880 shares during the last quarter. 84.98% of the stock is currently owned by institutional investors.

A number of analysts have recently issued reports on AVGO shares. Cowen set a $285.00 target price on Broadcom and gave the stock a “hold” rating in a research report on Thursday, October 10th. Susquehanna Bancshares lifted their price target on Broadcom from $315.00 to $345.00 and gave the stock a “positive” rating in a research note on Friday, September 13th. Wells Fargo & Co lifted their price target on Broadcom from $290.00 to $300.00 and gave the stock a “market perform” rating in a research note on Friday, September 13th. SunTrust Banks set a $322.00 price target on Broadcom and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Cascend Securities lifted their price target on Broadcom from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. One 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 company has a consensus rating of “Buy” and an average target price of $313.69.

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In other Broadcom news, 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. Also, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $289.43, for a total value of $5,788,600.00. Insiders sold 62,000 shares of company stock worth $17,550,860 in the last ninety days. 3.30% of the stock is owned by corporate insiders.

AVGO stock traded up $1.67 during midday trading on Friday, reaching $313.41. The company had a trading volume of 1,782,900 shares, compared to its average volume of 2,653,873. The firm has a market capitalization of $124.57 billion, a PE ratio of 16.64, a P/E/G ratio of 1.36 and a beta of 0.90. Broadcom Inc has a fifty-two week low of $217.61 and a fifty-two week high of $323.20. The stock has a 50 day moving average price of $285.95 and a 200 day moving average price of $285.07. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58.

Broadcom (NASDAQ:AVGO) last posted 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). The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. Broadcom’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.98 EPS. Research analysts predict that Broadcom Inc will post 16.97 EPS for the current year.

Broadcom Company Profile

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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