New Mexico Educational Retirement Board trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.3% during the 1st quarter, according to its most recent 13F filing 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 comprises about 1.3% of New Mexico Educational Retirement Board's investment portfolio, 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 filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Norges Bank acquired a new position in Broadcom in the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC raised its stake in shares of Broadcom by 18,179.3% in 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% in the 4th 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 during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated 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 owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the transaction, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last 90 days. 2.00% of the stock is currently owned by company insiders.
Broadcom Stock Performance
Shares of Broadcom stock traded up $6.10 during trading on Wednesday, hitting $277.90. 20,105,827 shares of the stock were exchanged, compared to its average volume of 28,408,625. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 104.08, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. The company has a fifty day moving average price of $242.02 and a 200-day moving average price of $217.92. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $279.37. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom declared that its board has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on AVGO shares. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Tuesday, June 24th. Citigroup upped their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley upped their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $285.00.
Get Our Latest Stock Report on AVGO
Broadcom Company 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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