New Mexico Educational Retirement Board reduced its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 5.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 32,446 shares of the semiconductor manufacturer’s stock after selling 2,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Broadcom were worth $9,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in the stock. Pinnacle Bank raised its stake in shares of Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Liberty Wealth Management LLC increased its position in shares of Broadcom by 62.5% during the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 35 shares in the last quarter. Destination Wealth Management acquired a new stake in shares of Broadcom during the 1st quarter worth about $41,000. Citizens Financial Group Inc RI increased its position in shares of Broadcom by 257.1% during the 1st quarter. Citizens Financial Group Inc RI now owns 175 shares of the semiconductor manufacturer’s stock worth $52,000 after purchasing an additional 126 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth about $51,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 13,466 shares of Broadcom stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The disclosure for this sale can be found here. Insiders have sold a total of 65,388 shares of company stock worth $18,198,482 in the last three months. 3.30% of the stock is owned by insiders.

A number of equities research analysts recently issued reports on AVGO shares. KeyCorp increased their target price on shares of Broadcom from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. UBS Group dropped their target price on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Summit Redstone upgraded shares of Broadcom to a “buy” rating in a research report on Friday, June 14th. DA Davidson dropped their target price on shares of Broadcom to $300.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Finally, Jefferies Financial Group dropped their target price on shares of Broadcom from $370.00 to $324.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. Broadcom has an average rating of “Buy” and a consensus target price of $304.32.

Broadcom stock traded up $6.53 during midday trading on Wednesday, hitting $286.90. 120,510 shares of the stock were exchanged, compared to its average volume of 2,149,670. The company has a fifty day simple moving average of $284.05 and a two-hundred day simple moving average of $285.94. Broadcom Inc has a 52 week low of $204.68 and a 52 week high of $323.20. The stock has a market capitalization of $108.98 billion, a PE ratio of 15.23, a P/E/G ratio of 1.34 and a beta of 0.92. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping the consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm earned $4.88 EPS. Broadcom’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc will post 17.23 EPS for the current fiscal year.

Broadcom Company Profile

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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