Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Jennison Associates LLC

Jennison Associates LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 26,760,207 shares of the semiconductor manufacturer's stock after selling 4,489,333 shares during the period. Broadcom comprises approximately 3.1% of Jennison Associates LLC's portfolio, making the stock its 7th biggest holding. Jennison Associates LLC owned 0.57% of Broadcom worth $4,480,461,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $3.11 during trading on Friday, reaching $283.34. The stock had a trading volume of 15,006,524 shares, compared to its average volume of 27,811,482. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market cap of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.04 and a beta of 1.12. The firm's 50 day moving average price is $254.41 and its two-hundred day moving average price is $220.33.

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

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insider Buying and Selling

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Finally, KeyCorp raised their target price on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average price target of $292.08.

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.