New York State Common Retirement Fund Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

New York State Common Retirement Fund lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 833.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,793,400 shares of the semiconductor manufacturer's stock after acquiring an additional 5,172,633 shares during the period. Broadcom accounts for about 1.4% of New York State Common Retirement Fund's investment portfolio, making the stock its 10th largest position. New York State Common Retirement Fund owned approximately 0.12% of Broadcom worth $999,362,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Castleview Partners LLC increased its holdings in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 134 shares during the period. Delta Asset Management LLC TN grew its position in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after acquiring an additional 17 shares during the period. Tsfg LLC raised its stake in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new position in shares of Broadcom during the third quarter valued at $42,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,280 shares of the firm's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Mark David Brazeal sold 20,280 shares of the company's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 transaction, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

Shares of Broadcom stock traded down $0.37 during trading on Monday, hitting $168.55. 13,403,922 shares of the stock were exchanged, compared to its average volume of 30,012,057. Broadcom Inc. has a 1-year low of $87.12 and a 1-year high of $186.42. The stock has a market capitalization of $787.23 billion, a price-to-earnings ratio of 146.44, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. The company has a fifty day moving average price of $169.12 and a 200-day moving average price of $156.30. 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 - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.04. The company 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 was up 47.3% on a year-over-year basis. During the same period last year, the firm posted $0.95 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. Broadcom's dividend payout ratio is presently 184.19%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. TD Cowen upgraded Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Benchmark reaffirmed a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $192.79.

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.