Arizona State Retirement System Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Arizona State Retirement System boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,306,238 shares of the semiconductor manufacturer's stock after acquiring an additional 15,552 shares during the quarter. Broadcom accounts for about 1.4% of Arizona State Retirement System's investment portfolio, making the stock its 9th largest position. Arizona State Retirement System's holdings in Broadcom were worth $218,703,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of AVGO. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom during the 4th quarter valued at about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter valued at about $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter valued at about $26,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 0.4%

Shares of NASDAQ:AVGO opened at $274.38 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.29 trillion, a P/E ratio of 102.76, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The business's 50 day moving average is $246.70 and its 200 day moving average is $218.87. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 829,716 shares of company stock worth $216,933,761. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on AVGO. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Benchmark boosted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $290.21.

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.

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