Lord Abbett & CO. LLC Purchases 1,928,907 Shares of Broadcom Inc. (NASDAQ:AVGO)

Lord Abbett & CO. LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 762.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,181,786 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,928,907 shares during the quarter. Broadcom comprises 1.2% of Lord Abbett & CO. LLC’s portfolio, making the stock its 6th biggest position. Lord Abbett & CO. LLC’s holdings in Broadcom were worth $376,358,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. NCP Inc. lifted its stake in shares of Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares in the last quarter. Family Investment Center Inc. acquired a new position in Broadcom during the 2nd quarter worth approximately $316,000. Sarasin & Partners LLP boosted its holdings in Broadcom by 3.6% in the 2nd quarter. Sarasin & Partners LLP now owns 177,453 shares of the semiconductor manufacturer’s stock worth $284,906,000 after acquiring an additional 6,140 shares during the period. Chapin Davis Inc. grew its position in Broadcom by 14.2% in the second quarter. Chapin Davis Inc. now owns 4,773 shares of the semiconductor manufacturer’s stock valued at $7,664,000 after acquiring an additional 595 shares in the last quarter. Finally, Johnson & White Wealth Management LLC raised its stake in shares of Broadcom by 12.4% during the second quarter. Johnson & White Wealth Management LLC now owns 1,776 shares of the semiconductor manufacturer’s stock valued at $2,852,000 after purchasing an additional 196 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $224.80 on Friday. The firm’s 50-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 P/E ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13. 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.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping 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 analyst estimates of $14.07 billion. During the same period in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 3.79 EPS for the current 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 given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.05%. Broadcom’s dividend payout ratio (DPR) is 172.36%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AVGO. Truist Financial upped their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Rosenblatt Securities restated a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday. Robert W. Baird upped their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $180.00 to $233.00 and gave the company an “overweight” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $220.33.

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.