Lord Abbett & CO. LLC Cuts Position in Broadcom Limited (AVGO)
Lord Abbett & CO. LLC decreased its holdings in Broadcom Limited (NASDAQ:AVGO) by 28.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 267,545 shares of the semiconductor manufacturer’s stock after selling 107,416 shares during the period. Lord Abbett & CO. LLC owned approximately 0.07% of Broadcom Limited worth $62,351,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. BlackRock Inc. raised its holdings in Broadcom Limited by 2,707.3% in the first quarter. BlackRock Inc. now owns 23,131,935 shares of the semiconductor manufacturer’s stock valued at $5,064,971,000 after buying an additional 22,307,935 shares during the period. Vanguard Group Inc. raised its holdings in Broadcom Limited by 7.0% in the first quarter. Vanguard Group Inc. now owns 26,768,435 shares of the semiconductor manufacturer’s stock valued at $5,861,217,000 after buying an additional 1,746,144 shares during the period. Harbour Capital Advisors LLC raised its holdings in Broadcom Limited by 22,924.6% in the second quarter. Harbour Capital Advisors LLC now owns 1,530,905 shares of the semiconductor manufacturer’s stock valued at $6,569,000 after buying an additional 1,524,256 shares during the period. Wellington Management Group LLP raised its holdings in Broadcom Limited by 29.3% in the first quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock valued at $1,469,388,000 after buying an additional 1,519,598 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Broadcom Limited by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after buying an additional 1,338,695 shares during the period. Hedge funds and other institutional investors own 89.65% of the company’s stock.
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In related news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $246.48, for a total value of $4,929,600.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Charlie B. Kawwas sold 1,788 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $247.28, for a total value of $442,136.64. The disclosure for this sale can be found here. Insiders sold 81,788 shares of company stock worth $20,054,837 in the last quarter. 3.60% of the stock is currently owned by company insiders.
Several research firms recently commented on AVGO. UBS AG restated a “buy” rating and issued a $265.00 price target on shares of Broadcom Limited in a report on Monday, June 26th. B. Riley restated a “buy” rating and issued a $305.00 price target on shares of Broadcom Limited in a report on Saturday, August 26th. Vetr upgraded shares of Broadcom Limited from a “hold” rating to a “buy” rating and set a $258.25 price target on the stock in a report on Monday, August 14th. BidaskClub lowered shares of Broadcom Limited from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Royal Bank Of Canada restated a “top pick” rating and issued a $285.00 price target on shares of Broadcom Limited in a report on Wednesday, October 11th. One analyst has rated the stock with a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $277.22.
Shares of Broadcom Limited (NASDAQ AVGO) traded down 0.59% during midday trading on Wednesday, hitting $241.20. The stock had a trading volume of 782,185 shares. Broadcom Limited has a one year low of $160.62 and a one year high of $259.36. The firm’s 50-day moving average is $245.16 and its 200 day moving average is $239.72. The company has a market capitalization of $98.40 billion, a PE ratio of 183.70 and a beta of 1.08.
Broadcom Limited (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.03 by $0.07. Broadcom Limited had a return on equity of 26.82% and a net margin of 3.12%. The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the business posted $2.89 earnings per share. The firm’s revenue was up 17.5% compared to the same quarter last year. Equities analysts expect that Broadcom Limited will post $15.91 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Tuesday, September 19th were given a $1.02 dividend. The ex-dividend date of this dividend was Monday, September 18th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.68%. Broadcom Limited’s dividend payout ratio (DPR) is presently 348.72%.
Broadcom Limited Company Profile
Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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