New Mexico Educational Retirement Board Lowers Holdings in Broadcom Inc (AVGO)

New Mexico Educational Retirement Board lessened its stake in Broadcom Inc (NASDAQ:AVGO) by 6.3% in the 1st quarter, HoldingsChannel reports. The fund owned 34,446 shares of the semiconductor manufacturer’s stock after selling 2,300 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Broadcom were worth $10,358,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Standard Life Aberdeen plc acquired a new stake in Broadcom in the 3rd quarter valued at about $508,015,000. Vident Investment Advisory LLC bought a new position in shares of Broadcom in the 3rd quarter valued at about $912,000. Thrivent Financial for Lutherans boosted its stake in shares of Broadcom by 76.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,453 shares of the semiconductor manufacturer’s stock valued at $7,514,000 after purchasing an additional 13,206 shares during the last quarter. HPM Partners LLC bought a new position in shares of Broadcom in the 3rd quarter valued at about $1,809,000. Finally, AQR Capital Management LLC boosted its stake in shares of Broadcom by 490.2% in the 3rd quarter. AQR Capital Management LLC now owns 513,589 shares of the semiconductor manufacturer’s stock valued at $126,718,000 after purchasing an additional 426,568 shares during the last quarter. Hedge funds and other institutional investors own 86.95% of the company’s stock.

Shares of AVGO opened at $318.50 on Wednesday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $320.01. The company has a market capitalization of $126.08 billion, a price-to-earnings ratio of 16.91, a P/E/G ratio of 1.48 and a beta of 0.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.32 by $1.23. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The firm had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same quarter in the previous year, the firm posted $5.12 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. Analysts anticipate that Broadcom Inc will post 17.65 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is currently 56.29%.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $291.27, for a total value of $5,825,400.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Charlie B. Kawwas sold 9,330 shares of Broadcom stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $295.93, for a total transaction of $2,761,026.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,824 shares of company stock worth $20,089,519. Insiders own 3.30% of the company’s stock.

Several brokerages have recently issued reports on AVGO. Mizuho raised their target price on shares of Broadcom from $305.00 to $335.00 and gave the company a “buy” rating in a research note on Friday, April 12th. KeyCorp reaffirmed an “overweight” rating and issued a $335.00 target price (up previously from $310.00) on shares of Broadcom in a research note on Tuesday, April 2nd. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. Jefferies Financial Group raised their target price on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, SunTrust Banks raised their target price on shares of Broadcom to $339.00 and gave the company a “buy” rating in a research note on Friday, March 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirty-two have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $301.99.

ILLEGAL ACTIVITY NOTICE: “New Mexico Educational Retirement Board Lowers Holdings in Broadcom Inc (AVGO)” was published by The Lincolnian Online and is the property of of The Lincolnian Online. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of U.S. & international copyright laws. The legal version of this piece of content can be viewed at https://www.thelincolnianonline.com/2019/04/17/new-mexico-educational-retirement-board-lowers-holdings-in-broadcom-inc-avgo.html.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: Is the QQQ ETF safe?

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.