State of Michigan Retirement System lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,904,560 shares of the semiconductor manufacturer's stock after purchasing an additional 163,900 shares during the quarter. Broadcom accounts for about 1.8% of State of Michigan Retirement System's holdings, making the stock its 7th largest holding. State of Michigan Retirement System's holdings in Broadcom were worth $318,880,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of 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 raised its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE increased its holdings in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its holdings in shares of Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after purchasing an additional 6,168 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on AVGO. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, Morgan Stanley upped their target price on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $290.21.
View Our Latest Research Report on Broadcom
Insider Buying and Selling at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,716 shares of company stock worth $216,933,761 in the last ninety days. Company insiders own 2.00% of the company's stock.
Broadcom Stock Down 0.9%
AVGO stock opened at $275.40 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. 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 company has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.15, a PEG ratio of 1.98 and a beta of 1.12. The company has a 50 day moving average of $245.29 and a two-hundred day moving average of $218.63.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued 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 dividend yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom declared that its Board of Directors has approved a stock repurchase 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.
About Broadcom
(
Free Report)
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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