Alkeon Capital Management LLC decreased its position in shares of Broadcom Limited (NASDAQ:AVGO) by 33.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 335,000 shares of the semiconductor manufacturer’s stock after selling 165,000 shares during the period. Alkeon Capital Management LLC owned approximately 0.08% of Broadcom worth $81,250,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of AVGO. Vanguard Group Inc. lifted its stake in Broadcom by 3.0% in the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock worth $6,423,271,000 after acquiring an additional 793,335 shares during the period. BlackRock Inc. lifted its stake in Broadcom by 3.5% in the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock worth $5,577,099,000 after acquiring an additional 798,982 shares during the period. State Street Corp lifted its stake in Broadcom by 1.6% in the second quarter. State Street Corp now owns 16,060,697 shares of the semiconductor manufacturer’s stock worth $3,742,946,000 after acquiring an additional 255,044 shares during the period. Ameriprise Financial Inc. lifted its stake in Broadcom by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock worth $2,028,442,000 after acquiring an additional 1,338,695 shares during the period. Finally, Jennison Associates LLC lifted its stake in Broadcom by 26.7% in the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock worth $1,245,855,000 after acquiring an additional 1,128,052 shares during the period. Institutional investors and hedge funds own 88.98% of the company’s stock.
A number of research firms recently weighed in on AVGO. B. Riley reaffirmed a “buy” rating and issued a $305.00 price objective on shares of Broadcom in a research note on Saturday, August 26th. Vetr raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $258.25 price objective for the company in a research note on Monday, August 14th. Nomura upped their price objective on shares of Broadcom to $330.00 and gave the stock a “buy” rating in a research note on Friday. Mizuho upped their price objective on shares of Broadcom from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Broadcom in a research note on Thursday, December 7th. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company. Broadcom currently has an average rating of “Buy” and a consensus price target of $303.13.
In other news, CFO Thomas H. Krause sold 2,595 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $267.34, for a total transaction of $693,747.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $244.01, for a total transaction of $7,320,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,389 shares of company stock worth $25,712,376. 3.60% of the stock is owned by corporate insiders.
Broadcom Limited (NASDAQ:AVGO) opened at $259.95 on Tuesday. Broadcom Limited has a fifty-two week low of $173.31 and a fifty-two week high of $285.68. The company has a debt-to-equity ratio of 0.75, a current ratio of 6.39 and a quick ratio of 5.80. The firm has a market cap of $106,037.93, a P/E ratio of 18.05, a P/E/G ratio of 1.18 and a beta of 1.05.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.52 by $0.07. Broadcom had a net margin of 10.18% and a return on equity of 28.61%. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the prior year, the company earned $3.47 EPS. Broadcom’s quarterly revenue was up 17.1% on a year-over-year basis. analysts expect that Broadcom Limited will post 16.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Tuesday, December 19th will be issued a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 2.69%. The ex-dividend date is Monday, December 18th. This is an increase from Broadcom’s previous quarterly dividend of $1.02. Broadcom’s dividend payout ratio is 95.77%.
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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.
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