Broadcom Inc. (NASDAQ:AVGO) is State of Alaska Department of Revenue’s 9th Largest Position

State of Alaska Department of Revenue raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.8% during the 1st quarter, Holdings Channel reports. The fund owned 638,650 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,115 shares during the period. Broadcom makes up approximately 1.2% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 9th biggest position. State of Alaska Department of Revenue’s holdings in Broadcom were worth $106,929,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Canton Hathaway LLC purchased a new position in shares of Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 848,334 shares of company stock valued at $163,560,669 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $249.37 on Wednesday. The company has a market cap of $1.17 trillion, a P/E ratio of 93.40, a PEG ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock’s 50-day moving average is $216.21 and its 200 day moving average is $210.74. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.95%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Morgan Stanley increased 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. Mizuho lifted their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Wells Fargo & Company raised their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $276.09.

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.