Broadcom Inc. $AVGO Stake Increased by Oregon Public Employees Retirement Fund

Key Points

• Oregon Public Employees Retirement Fund slightly increased its Broadcom stake by 0.6% in the fourth quarter, bringing its holdings to 540,860 shares valued at about $187.2 million. Broadcom is now its 6th largest position and makes up 2.4% of the portfolio.
• Several analysts turned more positive on Broadcom, with firms including Truist, Wolfe Research, UBS, and JPMorgan raising price targets or ratings. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $442.13.
• Broadcom reported strong quarterly results, with earnings per share of $2.05 topping expectations and revenue of $19.31 billion, up 29.5% year over year. The company also paid a quarterly dividend of $0.65 per share, though insiders have recently been selling shares.

Oregon Public Employees Retirement Fund increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 540,860 shares of the semiconductor manufacturer's stock after purchasing an additional 3,279 shares during the period. Broadcom accounts for 2.4% of Oregon Public Employees Retirement Fund's investment portfolio, making the stock its 6th largest position. Oregon Public Employees Retirement Fund's holdings in Broadcom were worth $187,192,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after acquiring an additional 756 shares in the last quarter. United Bank raised its holdings in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC raised its holdings in shares of Broadcom by 10.5% in the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after acquiring an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on AVGO. Truist Financial raised their price target on Broadcom from $510.00 to $545.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Wolfe Research raised Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price target on the stock in a report on Friday, January 30th. UBS Group reaffirmed a "buy" rating and issued a $490.00 price target (up from $475.00) on shares of Broadcom in a report on Monday. Royal Bank Of Canada reduced their price objective on Broadcom from $370.00 to $340.00 and set a "sector perform" rating on the stock in a research report on Monday, March 2nd. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $475.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $442.13.

Broadcom Price Performance

AVGO opened at $420.71 on Tuesday. Broadcom Inc. has a 1 year low of $221.60 and a 1 year high of $442.36. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The stock's 50 day simple moving average is $367.36 and its 200 day simple moving average is $354.90. The firm has a market cap of $1.99 trillion, a price-to-earnings ratio of 82.17, a PEG ratio of 0.88 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. During the same quarter last year, the business posted $1.60 EPS. The business's revenue was up 29.5% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were issued a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom's dividend payout ratio (DPR) is 50.78%.

Insiders Place Their Bets

In other Broadcom news, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the sale, the director owned 32,352 shares in the company, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider S. Ram Velaga sold 8,000 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the transaction, the insider owned 57,932 shares of the company's stock, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 324,282 shares of company stock worth $106,425,249. Insiders own 1.90% of the company's stock.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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