Jennison Associates LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 842.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,998,595 shares of the semiconductor manufacturer's stock after buying an additional 32,178,542 shares during the period. Broadcom makes up approximately 3.9% of Jennison Associates LLC's investment portfolio, making the stock its 6th biggest holding. Jennison Associates LLC owned 0.77% of Broadcom worth $6,209,758,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Commerce Bank raised its holdings in Broadcom by 924.7% in the 3rd quarter. Commerce Bank now owns 1,297,328 shares of the semiconductor manufacturer's stock worth $223,789,000 after purchasing an additional 1,170,721 shares during the period. MWA Asset Management boosted its position in Broadcom by 863.9% during the third quarter. MWA Asset Management now owns 31,028 shares of the semiconductor manufacturer's stock worth $5,352,000 after acquiring an additional 27,809 shares during the last quarter. Northwest Bancshares Inc. increased its holdings in shares of Broadcom by 862.0% in the third quarter. Northwest Bancshares Inc. now owns 6,032 shares of the semiconductor manufacturer's stock valued at $1,041,000 after purchasing an additional 5,405 shares during the last quarter. Strategy Asset Managers LLC boosted its position in shares of Broadcom by 702.3% during the 3rd quarter. Strategy Asset Managers LLC now owns 133,336 shares of the semiconductor manufacturer's stock valued at $23,000,000 after acquiring an additional 116,717 shares during the last quarter. Finally, Prospera Private Wealth LLC raised its stake in Broadcom by 992.2% during the third quarter. Prospera Private Wealth LLC now owns 6,957 shares of the semiconductor manufacturer's stock worth $1,200,000 after purchasing an additional 6,320 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Price Performance
Shares of NASDAQ:AVGO traded up $0.29 during midday trading on Friday, hitting $164.23. 17,332,473 shares of the stock were exchanged, compared to its average volume of 18,615,522. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average price of $173.70 and a 200-day moving average price of $160.62. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market cap of $767.05 billion, a P/E ratio of 142.81, a PEG ratio of 1.93 and a beta of 1.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The business's revenue was up 47.3% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.
Broadcom Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is presently 184.35%.
Analysts Set New Price Targets
AVGO has been the topic of several analyst reports. Benchmark reaffirmed a "buy" rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. raised their price objective on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, October 8th. William Blair started coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an "outperform" rating on the stock. Finally, TD Cowen raised Broadcom to a "strong-buy" rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $192.79.
Get Our Latest Stock Analysis on AVGO
Insider Transactions at Broadcom
In other news, insider Mark David Brazeal sold 18,900 shares of the company'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 completion of the transaction, the insider now directly owns 380,560 shares of the company's stock, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company's stock.
About Broadcom
(
Free Report)
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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