Broadcom Inc. (NASDAQ:AVGO) Holdings Trimmed by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board decreased its holdings in Broadcom Inc. by 4.3%, owning 2,126,623 shares valued at approximately $356 million.
• Analysts have recently increased price targets for Broadcom, with estimates now ranging from $304.00 to $340.00, reflecting a strong buy sentiment.
• Directors at Broadcom have recently sold significant shares, with one transaction totaling approximately $125 million, indicating potential insider sentiment fluctuations.

Public Sector Pension Investment Board decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,126,623 shares of the semiconductor manufacturer's stock after selling 96,291 shares during the quarter. Broadcom comprises about 1.5% of Public Sector Pension Investment Board's portfolio, making the stock its 7th biggest holding. Public Sector Pension Investment Board's holdings in Broadcom were worth $356,060,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. True Wealth Design LLC grew its position in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares during the period. Fulton Breakefield Broenniman LLC boosted its position in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares during the last quarter. American Financial Advisors LLC raised its stake in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after purchasing an additional 52 shares during the period. GS Investments Inc. raised its stake in Broadcom by 0.5% during the first quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after purchasing an additional 52 shares during the period. Finally, First Bank & Trust raised its stake in Broadcom by 1.9% during the first quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVGO. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Mizuho raised their target price on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Arete Research upgraded shares of Broadcom to a "strong-buy" rating in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $294.92.

Broadcom Price Performance

Shares of AVGO stock traded up $8.93 during trading on Tuesday, hitting $312.83. The company had a trading volume of 17,604,553 shares, compared to its average volume of 16,984,464. The stock has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 117.16, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $313.44. 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 stock's 50-day moving average is $275.10 and its two-hundred day moving average is $227.64.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the company earned $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was 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 of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last 90 days. Insiders own 2.00% of the company's stock.

Broadcom 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.