NJ State Employees Deferred Compensation Plan Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

NJ State Employees Deferred Compensation Plan boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 900.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,360 shares of the semiconductor manufacturer's stock after purchasing an additional 8,424 shares during the period. NJ State Employees Deferred Compensation Plan's holdings in Broadcom were worth $1,615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB lifted its position in shares of Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock valued at $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Van ECK Associates Corp raised its stake in Broadcom by 917.8% during the 3rd quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer's stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares during the period. Raymond James & Associates raised its stake in Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer's stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. International Assets Investment Management LLC raised its stake in Broadcom by 226,130.5% during the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer's stock valued at $14,224,520,000 after purchasing an additional 8,242,455 shares during the period. Finally, National Pension Service raised its stake in Broadcom by 1,045.4% during the 3rd quarter. National Pension Service now owns 8,273,157 shares of the semiconductor manufacturer's stock valued at $1,427,120,000 after purchasing an additional 7,550,878 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Benchmark reissued a "buy" rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities cut their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $192.79.

Broadcom Stock Down 1.8 %

Shares of AVGO stock traded down $3.20 during mid-day trading on Thursday, hitting $170.38. The stock had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market capitalization of $795.77 billion, a P/E ratio of 150.74, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The firm's 50-day moving average is $171.93 and its two-hundred day moving average is $158.86. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction dated 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 completion of 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 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock valued at $53,540,590. Corporate 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.