Oregon Public Employees Retirement Fund Has $67.37 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Oregon Public Employees Retirement Fund boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 402,347 shares of the semiconductor manufacturer's stock after purchasing an additional 1,917 shares during the quarter. Broadcom comprises approximately 1.3% of Oregon Public Employees Retirement Fund's investment portfolio, making the stock its 9th biggest position. Oregon Public Employees Retirement Fund's holdings in Broadcom were worth $67,365,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clark Asset Management LLC grew its position in shares of Broadcom by 33.6% in the first quarter. Clark Asset Management LLC now owns 2,131 shares of the semiconductor manufacturer's stock valued at $357,000 after purchasing an additional 536 shares during the last quarter. Sebold Capital Management Inc. boosted its holdings in Broadcom by 72.5% in the 1st quarter. Sebold Capital Management Inc. now owns 1,742 shares of the semiconductor manufacturer's stock valued at $292,000 after purchasing an additional 732 shares during the period. Revisor Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $512,000. Cannon Advisors Inc. increased its position in shares of Broadcom by 2.3% in the first quarter. Cannon Advisors Inc. now owns 3,664 shares of the semiconductor manufacturer's stock worth $613,000 after purchasing an additional 82 shares during the period. Finally, Novem Group increased its holdings in Broadcom by 5.9% in the 1st quarter. Novem Group now owns 33,489 shares of the semiconductor manufacturer's stock valued at $5,607,000 after buying an additional 1,856 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 1.8%

Shares of AVGO stock traded up $4.97 during mid-day trading on Friday, hitting $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. The company's fifty day simple moving average is $237.12 and its 200-day simple moving average is $216.98. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The company has a market cap of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for 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 company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AVGO. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $281.46.

About Broadcom

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.