Illinois Municipal Retirement Fund Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

Illinois Municipal Retirement Fund reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,260 shares of the semiconductor manufacturer’s stock after selling 3,795 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Broadcom were worth $23,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AVGO. Stanley Laman Group Ltd. acquired a new position in shares of Broadcom during the third quarter valued at about $1,110,000. TTP Investments Inc. raised its stake in shares of Broadcom by 119.7% during the 3rd quarter. TTP Investments Inc. now owns 2,656 shares of the semiconductor manufacturer’s stock worth $2,206,000 after buying an additional 1,447 shares during the period. Onyx Bridge Wealth Group LLC raised its stake in shares of Broadcom by 28.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 1,454 shares of the semiconductor manufacturer’s stock worth $1,207,000 after buying an additional 318 shares during the period. Montecito Bank & Trust lifted its holdings in Broadcom by 6.9% in the 3rd quarter. Montecito Bank & Trust now owns 1,244 shares of the semiconductor manufacturer’s stock valued at $1,033,000 after purchasing an additional 80 shares in the last quarter. Finally, Flagship Harbor Advisors LLC lifted its holdings in Broadcom by 2.6% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,531 shares of the semiconductor manufacturer’s stock valued at $3,763,000 after purchasing an additional 113 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVGO. The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Cantor Fitzgerald boosted their price objective 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. UBS Group boosted their price objective on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Benchmark restated a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, Susquehanna boosted their target price on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 3,000 shares of Broadcom stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the completion of the transaction, the chief financial officer now owns 43,459 shares of the company’s stock, valued at approximately $58,371,521.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO traded up $19.75 during trading hours on Monday, reaching $1,224.46. 2,514,709 shares of the company traded hands, compared to its average volume of 2,962,551. The stock has a fifty day simple moving average of $1,304.30 and a 200 day simple moving average of $1,125.79. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The stock has a market capitalization of $567.44 billion, a PE ratio of 45.38, a price-to-earnings-growth ratio of 2.46 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $9.83 EPS. As a group, research analysts predict that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend 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 currently 77.84%.

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.