State of New Jersey Common Pension Fund D Buys 18,109 Shares of Broadcom Inc. (NASDAQ:AVGO)

State of New Jersey Common Pension Fund D grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 252,413 shares of the semiconductor manufacturer’s stock after purchasing an additional 18,109 shares during the period. Broadcom accounts for about 0.9% of State of New Jersey Common Pension Fund D’s investment portfolio, making the stock its 11th largest holding. State of New Jersey Common Pension Fund D’s holdings in Broadcom were worth $281,756,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. BetterWealth LLC lifted its position in Broadcom by 1.5% in the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after buying an additional 9 shares during the last quarter. Rise Advisors LLC increased its stake in Broadcom by 33.3% in the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after purchasing an additional 10 shares during the period. CX Institutional increased its stake in Broadcom by 0.8% in the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after purchasing an additional 10 shares during the period. Cascade Investment Group Inc. increased its stake in Broadcom by 1.7% in the 4th quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $680,000 after purchasing an additional 10 shares during the period. Finally, Sabal Trust CO increased its stake in Broadcom by 1.6% in the 4th quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock worth $714,000 after purchasing an additional 10 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald boosted their target price on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Mizuho boosted their target price on 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 assumed coverage on Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 target price on the stock. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Charlie B. Kawwas sold 5,000 shares of the 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 transaction of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The sale was disclosed in a filing with the SEC, which is available through this link. 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 directly 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 Stock Performance

Broadcom stock traded up $49.65 during mid-day trading on Friday, reaching $1,344.07. 2,409,427 shares of the stock traded hands, compared to its average volume of 2,935,572. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The business’s 50-day moving average is $1,304.73 and its 200-day moving average is $1,130.68. The stock has a market capitalization of $622.87 billion, a PE ratio of 49.65, a price-to-earnings-growth ratio of 2.56 and a beta of 1.25. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results 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 business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $9.83 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

Broadcom Company 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.