Matthews International Capital Management LLC Sells 18,000 Shares of Broadcom Inc (NASDAQ:AVGO)

Matthews International Capital Management LLC cut its holdings in Broadcom Inc (NASDAQ:AVGO) by 9.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 166,700 shares of the semiconductor manufacturer’s stock after selling 18,000 shares during the period. Broadcom comprises approximately 2.1% of Matthews International Capital Management LLC’s holdings, making the stock its 11th largest position. Matthews International Capital Management LLC’s holdings in Broadcom were worth $46,021,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC grew its stake in shares of Broadcom by 17.8% in the 2nd quarter. Janus Henderson Group PLC now owns 978,371 shares of the semiconductor manufacturer’s stock valued at $281,577,000 after buying an additional 147,769 shares during the period. Endurance Wealth Management Inc. grew its stake in shares of Broadcom by 8.4% in the 2nd quarter. Endurance Wealth Management Inc. now owns 7,575 shares of the semiconductor manufacturer’s stock valued at $2,181,000 after buying an additional 585 shares during the period. Parsons Capital Management Inc. RI grew its stake in shares of Broadcom by 13.2% in the 2nd quarter. Parsons Capital Management Inc. RI now owns 1,646 shares of the semiconductor manufacturer’s stock valued at $474,000 after buying an additional 192 shares during the period. 9258 Wealth Management LLC grew its stake in shares of Broadcom by 5.8% in the 2nd quarter. 9258 Wealth Management LLC now owns 1,558 shares of the semiconductor manufacturer’s stock valued at $449,000 after buying an additional 85 shares during the period. Finally, Cookson Peirce & Co. Inc. grew its stake in shares of Broadcom by 63.0% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 60,830 shares of the semiconductor manufacturer’s stock valued at $17,511,000 after buying an additional 23,514 shares during the period. 84.98% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ AVGO traded down $1.12 during midday trading on Monday, reaching $312.29. The company’s stock had a trading volume of 41,280 shares, compared to its average volume of 2,653,873. Broadcom Inc has a 12-month low of $217.61 and a 12-month high of $323.20. The firm has a 50 day moving average price of $285.95 and a 200-day moving average price of $285.07. The stock has a market capitalization of $124.57 billion, a P/E ratio of 16.58, a PEG ratio of 1.36 and a beta of 0.90. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.32 and a quick ratio of 1.18.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the firm earned $4.98 EPS. Broadcom’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc will post 16.97 EPS for the current year.

Several analysts have recently commented on AVGO shares. Cowen set a $285.00 target price on Broadcom and gave the company a “hold” rating in a research note on Thursday, October 10th. Oppenheimer set a $315.00 target price on Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. KeyCorp raised their target price on Broadcom from $330.00 to $340.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Bank of America set a $345.00 target price on Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Loop Capital downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $313.69.

In related news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $270.46, for a total value of $5,409,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,000 shares of Broadcom stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $289.43, for a total transaction of $578,860.00. Insiders sold a total of 62,000 shares of company stock worth $17,550,860 in the last 90 days. Company insiders own 3.30% of the company’s stock.

About Broadcom

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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