California Public Employees Retirement System Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

California Public Employees Retirement System boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,431,489 shares of the semiconductor manufacturer’s stock after acquiring an additional 234,684 shares during the quarter. Broadcom accounts for approximately 1.2% of California Public Employees Retirement System’s investment portfolio, making the stock its 12th biggest position. California Public Employees Retirement System owned 0.31% of Broadcom worth $1,597,900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. PSI Advisors LLC raised its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at about $29,000. CKW Financial Group acquired a new stake in Broadcom in the 4th quarter valued at about $30,000. Macroview Investment Management LLC acquired a new stake in Broadcom in the 3rd quarter valued at about $29,000. Finally, PrairieView Partners LLC raised its position in Broadcom by 178.6% in the 4th quarter. PrairieView Partners LLC now owns 39 shares of the semiconductor manufacturer’s stock valued at $44,000 after purchasing an additional 25 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock worth $40,306,667 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of analyst reports. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Cantor Fitzgerald raised their target price on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Susquehanna raised their target price on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Benchmark reissued a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Finally, Mizuho raised their target price on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Stock Performance

Shares of AVGO stock traded up $19.75 during midday trading on Monday, hitting $1,224.46. The company had a trading volume of 2,514,709 shares, compared to its average volume of 2,962,551. The company’s 50 day simple moving average is $1,305.11 and its 200 day simple moving average is $1,122.97. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The stock has a market cap of $567.44 billion, a price-to-earnings ratio of 44.78, a PEG ratio of 2.46 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same period last year, the business posted $9.83 EPS. The company’s revenue was up 34.2% on a year-over-year basis. Research analysts anticipate that Broadcom Inc. will post 35.88 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.72%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Broadcom 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.