New York State Common Retirement Fund Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

New York State Common Retirement Fund lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,672,735 shares of the semiconductor manufacturer's stock after selling 131,880 shares during the quarter. Broadcom accounts for 1.4% of New York State Common Retirement Fund's portfolio, making the stock its 9th biggest position. New York State Common Retirement Fund owned 0.12% of Broadcom worth $949,786,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after acquiring an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after acquiring an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after acquiring an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in shares of Broadcom by 46.2% during the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock valued at $4,528,000 after acquiring an additional 6,168 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded down $1.02 during trading on Friday, hitting $274.38. 14,264,387 shares of the company's stock traded hands, compared to its average volume of 28,121,225. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The stock has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. The business has a 50-day simple moving average of $246.70 and a 200-day simple moving average of $218.72.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 analysts' expectations of $14.98 billion. During the same period last year, the firm posted $10.96 earnings per share. Broadcom's revenue was up 20.2% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. 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 payout ratio is 88.39%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AVGO. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. The Goldman Sachs Group initiated coverage on Broadcom in a research note on Thursday. They issued a "buy" rating and a $315.00 price target on the stock. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Finally, Mizuho upped their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $290.21.

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.