Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,126,623 shares of the semiconductor manufacturer’s stock after selling 96,291 shares during the quarter. Broadcom accounts for 1.5% of Public Sector Pension Investment Board’s portfolio, making the stock its 7th largest position. Public Sector Pension Investment Board’s holdings in Broadcom were worth $356,060,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth about $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Evercore ISI restated an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, June 6th. JPMorgan Chase & Co. increased their price target on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Finally, Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $294.92.

Insider Buying and Selling

In other Broadcom news, 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 value of $795,390.00. Following the completion of the transaction, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

NASDAQ:AVGO opened at $304.97 on Monday. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The stock’s fifty day moving average is $272.87 and its two-hundred day moving average is $226.63. The company has a market capitalization of $1.43 trillion, a P/E ratio of 114.22, a P/E/G ratio of 2.17 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

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 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is presently 88.39%.

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.