Broadcom Inc. (NASDAQ:AVGO) is Lord Abbett & CO. LLC’s 10th Largest Position

Lord Abbett & CO. LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,045,121 shares of the semiconductor manufacturer’s stock after acquiring an additional 103,252 shares during the quarter. Broadcom comprises approximately 1.2% of Lord Abbett & CO. LLC’s portfolio, making the stock its 10th biggest holding. Lord Abbett & CO. LLC’s holdings in Broadcom were worth $342,415,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom during the 1st quarter worth about $25,000. Inlight Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $309.09 on Thursday. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.45 trillion, a price-to-earnings ratio of 115.76, a price-to-earnings-growth ratio of 2.22 and a beta of 1.15. The business has a 50 day simple moving average of $276.06 and a 200-day simple moving average of $228.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the business’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the transaction, the director owned 24,582 shares of the company’s stock, valued at $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 829,716 shares of company stock worth $217,040,489. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Mizuho raised their price target on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Finally, Rosenblatt Securities raised their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average price target of $294.92.

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.