Broadcom Inc. (NASDAQ:AVGO) Holdings Increased by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 638,650 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,115 shares during the period. Broadcom makes up 1.2% of State of Alaska Department of Revenue’s portfolio, making the stock its 9th biggest holding. State of Alaska Department of Revenue’s holdings in Broadcom were worth $106,929,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at $32,000. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AVGO. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Wall Street Zen downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday. Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Finally, UBS Group boosted their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Price Performance

AVGO stock opened at $249.37 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a 50 day moving average price of $216.21 and a 200-day moving average price of $210.74. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 93.40, a PEG ratio of 1.79 and a beta of 1.11.

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

Broadcom Dividend Announcement

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

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

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 848,334 shares of company stock valued at $163,560,669. 2.00% of the stock is owned by corporate insiders.

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.