Lord Abbett & CO. LLC Has $450.20 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Lord Abbett & CO. LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,941,869 shares of the semiconductor manufacturer’s stock after selling 239,917 shares during the period. Broadcom accounts for about 1.4% of Lord Abbett & CO. LLC’s holdings, making the stock its 5th biggest holding. Lord Abbett & CO. LLC’s holdings in Broadcom were worth $450,203,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Canton Hathaway LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $32,000. Bellevue Asset Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 719,776 shares of company stock valued at $131,065,542. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO stock opened at $188.15 on Friday. The business has a fifty day simple moving average of $185.09 and a 200 day simple moving average of $195.94. The company has a market cap of $884.67 billion, a P/E ratio of 153.47, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88.

Broadcom announced that its board has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.25%. Broadcom’s payout ratio is currently 113.46%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Citigroup cut their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Benchmark reaffirmed a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

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.