Lord Abbett & CO. LLC Reduces Stake in Broadcom Limited (AVGO)

Lord Abbett & CO. LLC lowered its stake in Broadcom Limited (NASDAQ:AVGO) by 28.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 267,545 shares of the semiconductor manufacturer’s stock after selling 107,416 shares during the period. Lord Abbett & CO. LLC owned 0.07% of Broadcom Limited worth $62,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Broadcom Limited by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after purchasing an additional 793,335 shares during the last quarter. BlackRock Inc. increased its position in shares of Broadcom Limited by 3.5% in the 2nd quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after purchasing an additional 798,982 shares during the last quarter. State Street Corp increased its position in shares of Broadcom Limited by 1.6% in the 2nd quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock worth $3,742,946,000 after purchasing an additional 255,044 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Broadcom Limited by 18.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after purchasing an additional 1,338,695 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Broadcom Limited by 29.3% in the 1st quarter. Wellington Management Group LLP now owns 6,710,760 shares of the semiconductor manufacturer’s stock worth $1,469,388,000 after purchasing an additional 1,519,598 shares during the last quarter. 89.68% of the stock is owned by institutional investors.

In other Broadcom Limited news, SVP Charlie B. Kawwas sold 1,788 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $247.28, for a total transaction of $442,136.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Bryan Ingram sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $240.62, for a total transaction of $2,406,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 81,788 shares of company stock worth $20,054,837 over the last 90 days. Corporate insiders own 3.60% of the company’s stock.

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Broadcom Limited (NASDAQ:AVGO) traded up 0.71% during midday trading on Friday, hitting $245.50. 1,256,857 shares of the stock were exchanged. The company has a 50 day moving average price of $244.73 and a 200 day moving average price of $241.09. The firm has a market capitalization of $100.16 billion, a price-to-earnings ratio of 186.98 and a beta of 1.08. Broadcom Limited has a one year low of $160.62 and a one year high of $259.36.

Broadcom Limited (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, August 24th. The semiconductor manufacturer reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.03 by $0.07. The business had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. Broadcom Limited had a net margin of 3.12% and a return on equity of 26.82%. Broadcom Limited’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the company posted $2.89 EPS. Equities analysts anticipate that Broadcom Limited will post $15.91 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th were issued a dividend of $1.02 per share. The ex-dividend date was Monday, September 18th. This represents a $4.08 annualized dividend and a yield of 1.67%. Broadcom Limited’s dividend payout ratio (DPR) is currently 348.72%.

Several equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Broadcom Limited from a “hold” rating to a “sell” rating in a research report on Wednesday. Jefferies Group LLC set a $286.00 price target on shares of Broadcom Limited and gave the company a “buy” rating in a report on Wednesday, October 18th. Barclays PLC lifted their price target on shares of Broadcom Limited from $290.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $290.00 price target on shares of Broadcom Limited in a report on Tuesday, October 17th. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $281.00 price target on shares of Broadcom Limited in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the stock. Broadcom Limited presently has an average rating of “Buy” and a consensus target price of $277.51.

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.

Institutional Ownership by Quarter for Broadcom Limited (NASDAQ:AVGO)

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