Jennison Associates LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 842.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,998,595 shares of the semiconductor manufacturer's stock after purchasing an additional 32,178,542 shares during the quarter. Broadcom accounts for about 3.9% of Jennison Associates LLC's holdings, making the stock its 6th largest position. Jennison Associates LLC owned about 0.77% of Broadcom worth $6,209,758,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB increased its holdings in shares of Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Swiss National Bank increased its stake in Broadcom by 907.0% in the 3rd quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer's stock worth $2,264,223,000 after acquiring an additional 11,822,467 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Broadcom by 917.8% in the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after acquiring an additional 11,453,554 shares in the last quarter. Raymond James & Associates boosted its position in shares of Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after acquiring an additional 11,347,563 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Broadcom by 908.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer's stock valued at $1,962,029,000 after purchasing an additional 10,245,786 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
A number of research firms have recently issued reports on AVGO. Mizuho lifted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Rosenblatt Securities cut their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. Finally, UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $192.79.
Get Our Latest Stock Report on AVGO
Shares of NASDAQ:AVGO opened at $164.23 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The firm has a market capitalization of $767.05 billion, a P/E ratio of 142.68, a P/E/G ratio of 1.94 and a beta of 1.17. The stock has a 50 day moving average price of $173.70 and a 200-day moving average price of $160.62.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analysts' expectations of $12.98 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company's quarterly revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. Broadcom's payout ratio is presently 184.19%.
In related news, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. 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. 2.00% of the stock is currently owned by corporate insiders.
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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