New Mexico Educational Retirement Board decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 218,260 shares of the semiconductor manufacturer's stock after selling 2,900 shares during the period. Broadcom makes up 1.3% of New Mexico Educational Retirement Board's investment portfolio, making the stock its 8th largest holding. New Mexico Educational Retirement Board's holdings in Broadcom were worth $36,543,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Broadcom during the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC boosted its stake in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC boosted its stake in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in 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 acquiring an additional 6,573,204 shares in the last quarter. Institutional investors own 76.43% of the company's stock.
Analyst Ratings Changes
Several research firms recently commented on AVGO. UBS Group boosted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company lifted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. KeyCorp lifted their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $290.21.
Get Our Latest Stock Analysis on AVGO
Insider Activity at Broadcom
In related news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred 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 sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last three months. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Performance
Shares of AVGO traded down $2.50 during mid-day trading on Thursday, hitting $275.40. 17,848,136 shares of the company traded hands, compared to its average volume of 28,277,906. The stock has a 50-day moving average price of $245.29 and a two-hundred day moving average price of $218.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.42.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during 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% compared to the same quarter last year. During the same period in the previous year, the business posted $10.96 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.
Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication 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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