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

New Mexico Educational Retirement Board lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 218,260 shares of the semiconductor manufacturer's stock after selling 2,900 shares during the period. Broadcom makes up approximately 1.3% of New Mexico Educational Retirement Board's holdings, making the stock its 8th biggest position. New Mexico Educational Retirement Board's holdings in Broadcom were worth $36,543,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at about $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the first quarter valued at about $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter valued at about $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Down 1.3%

NASDAQ:AVGO traded down $3.67 during trading hours on Thursday, hitting $274.23. 9,036,512 shares of the stock were exchanged, compared to its average volume of 28,294,997. The company's 50 day moving average is $243.73 and its two-hundred day moving average is $218.33. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $281.42. 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 capitalization of $1.29 trillion, a P/E ratio of 102.73, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12.

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 the consensus estimate of $1.57 by $0.01. The business 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%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 EPS. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Buying and Selling

In other news, 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 value of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company's 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 of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% 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 worth $221,433,761 over the last quarter. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

AVGO has been the topic of several research reports. The Goldman Sachs Group began coverage on Broadcom in a research note on Thursday. They set a "buy" rating and a $315.00 price target on the stock. KeyCorp lifted their price objective on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $290.21.

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.