South Dakota Investment Council Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

South Dakota Investment Council trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,112 shares of the semiconductor manufacturer’s stock after selling 150 shares during the period. South Dakota Investment Council’s holdings in Broadcom were worth $12,404,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AVGO. Northern Trust Corp boosted its stake in shares of Broadcom by 2.1% during the 3rd quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after purchasing an additional 93,615 shares during the last quarter. Wellington Management Group LLP raised its holdings in Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after buying an additional 1,228,755 shares during the period. FMR LLC raised its holdings in Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after buying an additional 573,826 shares during the period. International Assets Investment Management LLC raised its holdings in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after buying an additional 3,324,288 shares during the period. Finally, Invesco Ltd. raised its holdings in Broadcom by 19.1% in the third quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock valued at $2,663,339,000 after buying an additional 514,120 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a report on Friday, January 19th. UBS Group lifted their price objective on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Mizuho lifted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Finally, Evercore ISI started coverage on shares of Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares of the company’s stock, valued at $22,276,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Broadcom stock traded up $24.73 during mid-day trading on Tuesday, reaching $1,249.19. The company’s stock had a trading volume of 2,198,693 shares, compared to its average volume of 2,952,703. The firm has a market cap of $578.90 billion, a price-to-earnings ratio of 46.30, a PEG ratio of 2.46 and a beta of 1.25. The business has a 50 day moving average price of $1,304.25 and a 200-day moving average price of $1,128.64. 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 twelve month low of $601.29 and a twelve month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during 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 firm’s revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.83 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

About Broadcom

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.