Jennison Associates LLC Sells 973,033 Shares of Broadcom Inc. $AVGO

Jennison Associates LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,267,616 shares of the semiconductor manufacturer’s stock after selling 973,033 shares during the period. Broadcom accounts for about 4.3% of Jennison Associates LLC’s holdings, making the stock its 6th largest position. Jennison Associates LLC’s holdings in Broadcom were worth $7,346,309,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Arthur M. Cohen & Associates LLC lifted its position in shares of Broadcom by 0.6% in the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after acquiring an additional 30 shares during the period. Jackson Hole Capital Partners LLC lifted its position in Broadcom by 1.4% in the third quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after purchasing an additional 30 shares during the period. McHugh Group LLC lifted its position in Broadcom by 0.4% in the third quarter. McHugh Group LLC now owns 8,433 shares of the semiconductor manufacturer’s stock worth $2,782,000 after purchasing an additional 31 shares during the period. Smith Thornton Advisors LLC boosted its stake in Broadcom by 1.4% during the third quarter. Smith Thornton Advisors LLC now owns 2,313 shares of the semiconductor manufacturer’s stock worth $763,000 after buying an additional 31 shares in the last quarter. Finally, FWG Investments LLC. increased its holdings in Broadcom by 2.7% in the 3rd quarter. FWG Investments LLC. now owns 1,177 shares of the semiconductor manufacturer’s stock valued at $388,000 after buying an additional 31 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 0.8%

NASDAQ AVGO opened at $330.73 on Friday. The stock’s 50 day simple moving average is $355.94 and its 200 day simple moving average is $336.85. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The firm has a market cap of $1.57 trillion, a PE ratio of 69.48, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 54.62%.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total value of $10,413,600.00. Following the completion of the transaction, the insider directly owned 210,573 shares of the company’s stock, valued at approximately $73,094,099.76. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 70,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the transaction, the chief executive officer owned 132,836 shares in the company, valued at $46,133,942.80. The trade was a 34.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 779,901 shares of company stock worth $284,069,237. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and set a $430.00 target price (up from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Evercore ISI lifted their price objective on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. KeyCorp restated an “overweight” rating and set a $500.00 target price (up previously from $460.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $475.00 price target (up previously from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $438.61.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.