Jennison Associates LLC Buys 375,944 Shares of Broadcom Inc. (NASDAQ:AVGO)

Jennison Associates LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 15.0% in the fourth quarter, HoldingsChannel reports. The firm owned 2,877,068 shares of the semiconductor manufacturer’s stock after acquiring an additional 375,944 shares during the period. Broadcom accounts for about 2.4% of Jennison Associates LLC’s holdings, making the stock its 12th biggest position. Jennison Associates LLC’s holdings in Broadcom were worth $3,211,527,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Northern Trust Corp increased its holdings in Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after purchasing an additional 93,615 shares during the last quarter. Wellington Management Group LLP grew its stake in Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after acquiring an additional 1,228,755 shares during the period. FMR LLC grew its stake in Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after acquiring an additional 573,826 shares during the period. International Assets Investment Management LLC grew its stake in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after acquiring an additional 3,324,288 shares during the period. Finally, Invesco Ltd. grew its stake in Broadcom by 19.1% in the third quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock valued at $2,663,339,000 after acquiring an additional 514,120 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. UBS Group boosted their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a research note on Friday, January 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Finally, Benchmark reaffirmed a “buy” rating and set a $1,720.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO traded up $9.44 on Monday, hitting $1,214.15. The company’s stock had a trading volume of 903,470 shares, compared to its average volume of 2,940,377. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The stock has a fifty day moving average of $1,305.11 and a two-hundred day moving average of $1,122.97. The firm has a market capitalization of $562.66 billion, a P/E ratio of 44.78, a price-to-earnings-growth ratio of 2.46 and a beta of 1.25. Broadcom Inc. has a one year low of $601.29 and a one year high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.83 earnings per share. Research analysts predict that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.73%. Broadcom’s dividend payout ratio is 77.84%.

Broadcom Profile

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.