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

Lord Abbett & CO. LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 762.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,181,786 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,928,907 shares during the period. Broadcom makes up about 1.2% of Lord Abbett & CO. LLC’s holdings, making the stock its 6th largest holding. Lord Abbett & CO. LLC’s holdings in Broadcom were worth $376,358,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its stake in Broadcom by 624.8% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock worth $23,889,000 after buying an additional 119,553 shares during the period. Legacy Wealth Management LLC MS increased its holdings in Broadcom by 1,021.0% during the 3rd quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after purchasing an additional 8,719 shares during the period. 1ST Source Bank increased its position in shares of Broadcom by 869.0% in the 3rd quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after purchasing an additional 29,136 shares during the last quarter. Alternative Investment Advisors LLC. raised its holdings in shares of Broadcom by 376.4% in the 3rd quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after purchasing an additional 7,401 shares in the last quarter. Finally, DGS Capital Management LLC lifted its position in shares of Broadcom by 1,094.7% during the 3rd quarter. DGS Capital Management LLC now owns 8,363 shares of the semiconductor manufacturer’s stock worth $1,443,000 after purchasing an additional 7,663 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on AVGO shares. JPMorgan Chase & Co. increased their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday. Hsbc Global Res upgraded Broadcom to a “hold” rating in a report on Tuesday, December 3rd. UBS Group boosted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Citigroup increased their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.33.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $224.80 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a fifty-two week low of $104.15 and a fifty-two week high of $228.70. The firm’s fifty day simple moving average is $174.61 and its 200-day simple moving average is $164.45. The stock has a market cap of $1.05 trillion, a PE ratio of 182.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the firm earned $0.98 EPS. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 172.36%.

About Broadcom

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.