Illinois Municipal Retirement Fund Purchases 3,239 Shares of Broadcom Inc. (NASDAQ:AVGO)

Illinois Municipal Retirement Fund raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 347,999 shares of the semiconductor manufacturer's stock after purchasing an additional 3,239 shares during the period. Broadcom accounts for approximately 0.8% of Illinois Municipal Retirement Fund's portfolio, making the stock its 9th biggest holding. Illinois Municipal Retirement Fund's holdings in Broadcom were worth $58,265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter worth $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other news, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director now owns 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 811,716 shares of company stock worth $209,906,771. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVGO shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. UBS Group boosted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Stock Down 0.3%

Broadcom stock traded down $0.82 during mid-day trading on Friday, reaching $269.35. 27,450,264 shares of the company's stock were exchanged, compared to its average volume of 28,910,988. The company has a market cap of $1.27 trillion, a P/E ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $271.85. 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 fifty day moving average of $229.43 and a 200-day moving average of $215.50.

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. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business earned $10.96 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has authorized a share buyback plan 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 plans are often a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

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

Broadcom Company 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.