State of New Jersey Common Pension Fund D Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

State of New Jersey Common Pension Fund D increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 904.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,627,453 shares of the semiconductor manufacturer’s stock after buying an additional 1,465,502 shares during the quarter. Broadcom comprises approximately 1.2% of State of New Jersey Common Pension Fund D’s investment portfolio, making the stock its 11th biggest holding. State of New Jersey Common Pension Fund D’s holdings in Broadcom were worth $280,736,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advantage Trust Co increased its holdings in Broadcom by 400.0% in the 3rd quarter. Advantage Trust Co now owns 750 shares of the semiconductor manufacturer’s stock worth $129,000 after buying an additional 600 shares during the period. Stockman Wealth Management Inc. boosted its holdings in shares of Broadcom by 340.9% in the 3rd quarter. Stockman Wealth Management Inc. now owns 1,530 shares of the semiconductor manufacturer’s stock valued at $264,000 after acquiring an additional 1,183 shares during the last quarter. VeraBank N.A. increased its stake in shares of Broadcom by 888.2% in the third quarter. VeraBank N.A. now owns 5,030 shares of the semiconductor manufacturer’s stock worth $868,000 after acquiring an additional 4,521 shares during the period. River Global Investors LLP purchased a new position in shares of Broadcom during the third quarter worth $21,728,000. Finally, Mitchell Mcleod Pugh & Williams Inc. lifted its position in Broadcom by 884.7% during the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 30,516 shares of the semiconductor manufacturer’s stock valued at $5,264,000 after purchasing an additional 27,417 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVGO shares. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Mizuho raised their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.79.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $173.58 on Thursday. The company has a market cap of $810.72 billion, a P/E ratio of 150.81, a P/E/G ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company’s 50-day moving average price is $171.55 and its 200-day moving average price is $158.53. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.22%. Broadcom’s dividend payout ratio (DPR) is 184.19%.

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.