Broadcom Inc (AVGO) Holdings Lowered by Jennison Associates LLC

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Jennison Associates LLC trimmed its position in Broadcom Inc (NASDAQ:AVGO) by 42.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,287,348 shares of the semiconductor manufacturer’s stock after selling 2,451,666 shares during the period. Jennison Associates LLC’s holdings in Broadcom were worth $811,087,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Marcus Capital LLC purchased a new stake in shares of Broadcom in the second quarter worth approximately $364,000. BP PLC purchased a new stake in shares of Broadcom in the second quarter worth approximately $12,135,000. Wesbanco Bank Inc. purchased a new stake in shares of Broadcom in the second quarter worth approximately $19,879,000. Sigma Investment Counselors Inc. bought a new position in Broadcom during the second quarter valued at approximately $286,000. Finally, Cambridge Investment Research Advisors Inc. raised its position in Broadcom by 134.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 19,591 shares of the semiconductor manufacturer’s stock valued at $4,834,000 after acquiring an additional 11,234 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Monday, October 15th. The shares were sold at an average price of $231.03, for a total transaction of $4,620,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kirsten M. Spears sold 1,194 shares of Broadcom stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,194 shares of company stock worth $9,687,345. 3.30% of the stock is currently owned by corporate insiders.

Shares of Broadcom stock opened at $236.34 on Friday. The firm has a market capitalization of $92.96 billion, a PE ratio of 16.53, a P/E/G ratio of 0.89 and a beta of 0.99. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. Broadcom Inc has a 1 year low of $197.46 and a 1 year high of $285.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $4.10 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc will post 18.09 earnings per share for the current year.

Several equities analysts recently weighed in on the stock. Mizuho reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, October 5th. Piper Jaffray Companies set a $293.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Tuesday, September 25th. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, September 21st. ValuEngine raised shares of Broadcom from a “sell” rating to a “hold” rating in a research report on Saturday, November 10th. Finally, Nomura raised shares of Broadcom from a “neutral” rating to a “buy” rating and raised their price objective for the company from $225.00 to $300.00 in a research report on Monday, September 17th. Nine investment analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company. Broadcom has a consensus rating of “Buy” and an average target price of $290.97.

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About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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