Board of the Pension Protection Fund Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Board of the Pension Protection Fund increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 36.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,500 shares of the semiconductor manufacturer's stock after purchasing an additional 1,200 shares during the period. Board of the Pension Protection Fund's holdings in Broadcom were worth $753,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the 4th quarter valued at $357,000. LaFleur & Godfrey LLC lifted its stake in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC boosted its position in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. Finally, SOA Wealth Advisors LLC. raised its holdings in Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after purchasing an additional 355 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Morgan Stanley raised their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $281.25.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were 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 now directly owns 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 811,716 shares of company stock worth $209,906,771. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.3%

Shares of Broadcom stock opened at $269.35 on Friday. The stock has a market cap of $1.27 trillion, a PE ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. The firm has a fifty day moving average price of $229.43 and a 200 day moving average price of $215.28. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $271.85. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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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