Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,045,121 shares of the semiconductor manufacturer's stock after acquiring an additional 103,252 shares during the period. Broadcom makes up about 1.2% of Lord Abbett & CO. LLC's portfolio, making the stock its 10th biggest position. Lord Abbett & CO. LLC's holdings in Broadcom were worth $342,415,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Nuveen LLC purchased a new stake in Broadcom in the 1st quarter worth $6,649,117,000. GAMMA Investing LLC increased its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. Northern Trust Corp increased its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Broadcom by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after acquiring an additional 4,550,647 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO stock opened at $309.09 on Thursday. The company has a market capitalization of $1.45 trillion, a P/E ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The business has a 50 day simple moving average of $276.06 and a 200-day simple moving average of $228.20. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on AVGO. Citigroup boosted their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Wells Fargo & Company boosted their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $294.92.

Broadcom 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.

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