State of New Jersey Common Pension Fund D Has $280.74 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

State of New Jersey Common Pension Fund D raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 904.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,627,453 shares of the semiconductor manufacturer's stock after acquiring an additional 1,465,502 shares during the period. Broadcom accounts for about 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC boosted its position in shares of Broadcom by 11.8% during the first quarter. Brighton Jones LLC now owns 2,347 shares of the semiconductor manufacturer's stock worth $3,111,000 after buying an additional 247 shares during the period. Forum Financial Management LP boosted its position in shares of Broadcom by 0.8% during the first quarter. Forum Financial Management LP now owns 3,046 shares of the semiconductor manufacturer's stock worth $4,037,000 after buying an additional 24 shares during the period. GM Advisory Group LLC boosted its position in shares of Broadcom by 7.2% during the first quarter. GM Advisory Group LLC now owns 4,068 shares of the semiconductor manufacturer's stock worth $5,392,000 after buying an additional 273 shares during the period. Wintrust Investments LLC boosted its position in shares of Broadcom by 2.4% during the first quarter. Wintrust Investments LLC now owns 6,467 shares of the semiconductor manufacturer's stock worth $8,571,000 after buying an additional 154 shares during the period. Finally, Banco Santander S.A. boosted its position in shares of Broadcom by 10.8% during the first quarter. Banco Santander S.A. now owns 23,278 shares of the semiconductor manufacturer's stock worth $30,853,000 after buying an additional 2,278 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the company's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the company's stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares of the company's stock, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.8 %

NASDAQ:AVGO traded down $3.20 during trading hours on Thursday, reaching $170.38. The company's stock had a trading volume of 20,618,991 shares, compared to its average volume of 29,565,154. The company has a market cap of $795.77 billion, a price-to-earnings ratio of 150.74, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The business's 50-day moving average is $171.93 and its 200-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 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 firm had revenue of $13.07 billion during 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 quarter in the previous year, the business earned $0.95 EPS. Equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. Broadcom's payout ratio is currently 184.19%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. Finally, William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Company Profile

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.