New York State Common Retirement Fund Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

New York State Common Retirement Fund boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,804,615 shares of the semiconductor manufacturer’s stock after acquiring an additional 11,215 shares during the quarter. Broadcom accounts for about 1.8% of New York State Common Retirement Fund’s portfolio, making the stock its 8th largest position. New York State Common Retirement Fund owned 0.12% of Broadcom worth $1,345,742,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Davidson Investment Advisors boosted its stake in shares of Broadcom by 37.1% in the 4th quarter. Davidson Investment Advisors now owns 136,086 shares of the semiconductor manufacturer’s stock valued at $31,550,000 after purchasing an additional 36,857 shares during the last quarter. Proactive Wealth Strategies LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $207,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors boosted its stake in shares of Broadcom by 119.9% in the 4th quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 34,183 shares of the semiconductor manufacturer’s stock valued at $7,925,000 after purchasing an additional 18,639 shares during the last quarter. Bfsg LLC boosted its stake in shares of Broadcom by 12.5% in the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 50 shares during the last quarter. Finally, Davidson Trust Co. boosted its stake in shares of Broadcom by 1.9% in the 4th quarter. Davidson Trust Co. now owns 7,582 shares of the semiconductor manufacturer’s stock valued at $1,758,000 after purchasing an additional 144 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVGO shares. Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Jefferies Financial Group boosted their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Mizuho boosted their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $240.00 target price on shares of Broadcom in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Stock Performance

Shares of AVGO stock opened at $218.61 on Friday. The firm has a 50-day moving average of $230.09 and a 200-day moving average of $189.79. The company has a market cap of $1.02 trillion, a P/E ratio of 178.32, a P/E/G ratio of 2.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 12,570 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the transaction, the chief financial officer now owns 325,443 shares in the company, valued at approximately $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last quarter. Insiders own 2.00% of the company’s stock.

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.