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Broadcom Inc. (NASDAQ:AVGO) Shares Sold by New Mexico Educational Retirement Board

Broadcom logo with Computer and Technology background

New Mexico Educational Retirement Board trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,260 shares of the semiconductor manufacturer's stock after selling 2,900 shares during the quarter. Broadcom makes up approximately 1.3% of New Mexico Educational Retirement Board's investment portfolio, making the stock its 8th largest position. New Mexico Educational Retirement Board's holdings in Broadcom were worth $36,543,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AVGO. Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC increased its position in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp grew its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO opened at $271.80 on Wednesday. The stock's 50-day moving average price is $242.02 and its 200 day moving average price is $217.92. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.28 trillion, a price-to-earnings ratio of 101.80, a PEG ratio of 1.95 and a beta of 1.12.

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

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insider Buying and Selling

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. This trade represents a 8.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 over the last ninety days. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. Oppenheimer upped their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Citigroup upped their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday. UBS Group upped their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $285.00.

Check Out Our Latest Stock Analysis on Broadcom

Broadcom Profile

(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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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