Cerity Partners LLC Boosts Stake in Broadcom Inc. $AVGO

Cerity Partners LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,879,439 shares of the semiconductor manufacturer’s stock after acquiring an additional 22,422 shares during the quarter. Broadcom comprises 1.4% of Cerity Partners LLC’s investment portfolio, making the stock its 11th biggest position. Cerity Partners LLC owned about 0.06% of Broadcom worth $793,718,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. Geode Capital Management LLC boosted its stake in Broadcom by 2.1% during the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after buying an additional 2,226,585 shares during the last quarter. Norges Bank acquired a new position in Broadcom during the second quarter worth $18,579,549,000. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Broadcom in the 1st quarter worth $6,649,117,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 2.4%

Shares of NASDAQ AVGO opened at $390.24 on Friday. The firm has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.33 and a beta of 1.19. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $403.00. The business’s 50 day moving average is $356.79 and its two-hundred day moving average is $312.12.

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

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the transaction, the insider directly owned 329,302 shares of the company’s stock, valued at $114,468,668.22. The trade was a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction dated 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 directly owned 25,295 shares in the company, valued at $8,798,106.90. This represents a 13.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders bought 3,550 shares of company stock worth $1,227,869 and sold 665,271 shares worth $225,483,192. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Oppenheimer reiterated an “outperform” rating and issued a $435.00 target price (up from $400.00) on shares of Broadcom in a report on Friday. Barclays set a $450.00 price target on shares of Broadcom and gave the stock an “overweight” rating in a report on Tuesday, October 14th. Sanford C. Bernstein lifted their price target on shares of Broadcom from $295.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Finally, KeyCorp set a $460.00 price objective on Broadcom in a research report on Monday, October 13th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $391.04.

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.