New York State Common Retirement Fund Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

New York State Common Retirement Fund reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,901 shares of the semiconductor manufacturer’s stock after selling 6,235 shares during the period. Broadcom accounts for 0.9% of New York State Common Retirement Fund’s portfolio, making the stock its 13th largest position. New York State Common Retirement Fund owned approximately 0.13% of Broadcom worth $665,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. SC&H Financial Advisors Inc. bought a new position in shares of Broadcom in the 4th quarter worth approximately $265,000. PDS Planning Inc grew its stake in Broadcom by 21.7% in the fourth quarter. PDS Planning Inc now owns 1,969 shares of the semiconductor manufacturer’s stock worth $2,198,000 after purchasing an additional 351 shares during the period. Aspire Private Capital LLC raised its holdings in Broadcom by 3.6% in the fourth quarter. Aspire Private Capital LLC now owns 1,013 shares of the semiconductor manufacturer’s stock worth $1,131,000 after purchasing an additional 35 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in Broadcom by 3.8% during the fourth quarter. Wedge Capital Management L L P NC now owns 742 shares of the semiconductor manufacturer’s stock valued at $828,000 after buying an additional 27 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in shares of Broadcom by 19.6% during the 4th quarter. California Public Employees Retirement System now owns 1,431,489 shares of the semiconductor manufacturer’s stock valued at $1,597,900,000 after buying an additional 234,684 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. Evercore ISI assumed coverage on shares of Broadcom in a research report on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target for the company. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Finally, Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Stock Performance

Broadcom stock traded up $19.75 during midday trading on Monday, hitting $1,224.46. The stock had a trading volume of 2,514,709 shares, compared to its average volume of 2,962,551. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The company has a market capitalization of $567.44 billion, a PE ratio of 44.78, a P/E/G ratio of 2.46 and a beta of 1.25. The firm’s fifty day moving average is $1,305.11 and its two-hundred day moving average is $1,122.97.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue was up 34.2% on a year-over-year basis. During the same period last year, the firm earned $9.83 EPS. On average, research analysts forecast that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the sale, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by corporate insiders.

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.