Cigna Investments Inc. New increased its position in Broadcom Inc (NASDAQ:AVGO) by 6.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,147 shares of the semiconductor manufacturer’s stock after purchasing an additional 650 shares during the quarter. Cigna Investments Inc. New’s holdings in Broadcom were worth $2,644,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. Blair William & Co. IL boosted its stake in Broadcom by 9.0% during the 1st quarter. Blair William & Co. IL now owns 12,602 shares of the semiconductor manufacturer’s stock valued at $2,988,000 after acquiring an additional 1,040 shares during the last quarter. MainStreet Investment Advisors LLC acquired a new stake in shares of Broadcom during the first quarter worth $685,000. Argent Trust Co raised its holdings in shares of Broadcom by 2.3% during the first quarter. Argent Trust Co now owns 10,537 shares of the semiconductor manufacturer’s stock worth $2,498,000 after purchasing an additional 237 shares during the period. Nan Shan Life Insurance Co. Ltd. raised its holdings in shares of Broadcom by 52.9% during the first quarter. Nan Shan Life Insurance Co. Ltd. now owns 26,000 shares of the semiconductor manufacturer’s stock worth $6,165,000 after purchasing an additional 9,000 shares during the period. Finally, Cornerstone Wealth Group LLC acquired a new stake in shares of Broadcom during the first quarter worth $2,332,000. Institutional investors and hedge funds own 82.01% of the company’s stock.
A number of analysts have weighed in on the stock. Goldman Sachs Group dropped their target price on shares of Broadcom from $308.00 to $264.00 and set a “neutral” rating on the stock in a report on Friday, March 13th. Mizuho reaffirmed a “buy” rating and issued a $315.00 price objective on shares of Broadcom in a report on Thursday, March 12th. Citigroup dropped their price objective on shares of Broadcom from $340.00 to $303.00 and set a “buy” rating on the stock in a report on Monday, March 30th. KeyCorp increased their price objective on shares of Broadcom from $240.00 to $290.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Finally, Bank of America reaffirmed a “buy” rating on shares of Broadcom in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $314.00.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 EPS for the quarter, missing the consensus estimate of $5.33 by ($0.08). Broadcom had a return on equity of 32.46% and a net margin of 11.64%. The firm had revenue of $5.86 billion during the quarter, compared to analyst estimates of $5.99 billion. During the same quarter in the previous year, the business earned $5.55 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, analysts expect that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.
In related news, insider Kirsten M. Spears sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $235.50, for a total transaction of $1,177,500.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $257.25, for a total transaction of $514,500.00. The disclosure for this sale can be found here. Insiders sold 144,494 shares of company stock valued at $34,947,312 over the last three months. 3.30% of the stock is owned by insiders.
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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