Municipal Employees Retirement System of Michigan acquired a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 4th quarter, Holdings Channel reports. The fund acquired 11,588 shares of the semiconductor manufacturer’s stock, valued at approximately $2,947,000.
Several other large investors also recently bought and sold shares of AVGO. Accurate Investment Solutions Inc. purchased a new position in shares of Broadcom during the fourth quarter worth $25,000. Ruggie Capital Group purchased a new position in shares of Broadcom during the fourth quarter worth $25,000. AlphaOne Investment Services LLC purchased a new position in shares of Broadcom during the fourth quarter worth $25,000. Advisors Preferred LLC purchased a new position in shares of Broadcom during the fourth quarter worth $32,000. Finally, Karp Capital Management Corp purchased a new position in shares of Broadcom during the fourth quarter worth $36,000. Institutional investors and hedge funds own 85.76% of the company’s stock.
Several research analysts recently issued reports on the stock. Cowen cut shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 target price for the company. in a report on Friday, February 22nd. Barclays raised their target price on shares of Broadcom from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Citigroup started coverage on shares of Broadcom in a report on Friday, March 15th. They set a “buy” rating for the company. Zacks Investment Research cut shares of Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, SunTrust Banks lifted their price objective on shares of Broadcom to $339.00 and gave the company a “buy” rating in a report on Friday, March 15th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirty-one have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $299.08.
In related news, Director Donald Macleod sold 5,223 shares of the business’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $233.65, for a total transaction of $1,220,353.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $291.27, for a total transaction of $5,825,400.00. The disclosure for this sale can be found here. Insiders have sold 45,223 shares of company stock worth $12,145,554 over the last 90 days. 3.30% of the stock is currently owned by company insiders.
AVGO stock opened at $296.84 on Wednesday. The stock has a market cap of $116.32 billion, a PE ratio of 15.76, a P/E/G ratio of 1.29 and a beta of 0.67. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. Broadcom Inc has a 52 week low of $197.46 and a 52 week high of $300.98.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $1.23. The business had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.12 earnings per share. As a group, equities analysts anticipate that Broadcom Inc will post 17.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a dividend of $2.65 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a yield of 3.57%. Broadcom’s payout ratio is presently 56.29%.
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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.
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