Broadcom Inc. (NASDAQ:AVGO) Shares Bought by NJ State Employees Deferred Compensation Plan

NJ State Employees Deferred Compensation Plan grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 28.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 936 shares of the semiconductor manufacturer’s stock after buying an additional 209 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in Broadcom were worth $1,045,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AVGO. PSI Advisors LLC lifted its stake in Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 10 shares during the last quarter. Macroview Investment Management LLC purchased a new stake in shares of Broadcom during the 3rd quarter worth $29,000. BKM Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $29,000. CKW Financial Group acquired a new stake in Broadcom in the fourth quarter valued at $30,000. Finally, Bfsg LLC purchased a new stake in Broadcom during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AVGO shares. Susquehanna upped their price target on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Barclays lifted their price target on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Mizuho upped their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Three investment 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, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Insider Buying and Selling

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock traded up $49.65 during trading on Friday, reaching $1,344.07. 2,386,702 shares of the company were exchanged, compared to its average volume of 2,928,217. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The stock’s 50 day moving average price is $1,304.73 and its 200 day moving average price is $1,130.68. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The company has a market cap of $622.87 billion, a P/E ratio of 49.65, a PEG ratio of 2.56 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.83 EPS. As a group, analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

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.