California Public Employees Retirement System Has $3.08 Billion Holdings in Broadcom Inc. $AVGO

California Public Employees Retirement System lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,177,064 shares of the semiconductor manufacturer’s stock after selling 1,837,027 shares during the period. Broadcom comprises about 2.0% of California Public Employees Retirement System’s investment portfolio, making the stock its 7th biggest holding. California Public Employees Retirement System owned approximately 0.24% of Broadcom worth $3,080,958,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of AVGO. Sawyer & Company Inc grew its stake in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the last quarter. PFS Partners LLC raised its position in Broadcom by 38.4% during the 2nd quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 38 shares during the last quarter. Costello Asset Management INC lifted its holdings in Broadcom by 1.5% in the 2nd quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock worth $697,000 after buying an additional 38 shares during the period. Walkner Condon Financial Advisors LLC grew its position in shares of Broadcom by 1.0% in the 2nd quarter. Walkner Condon Financial Advisors LLC now owns 3,944 shares of the semiconductor manufacturer’s stock worth $1,087,000 after buying an additional 38 shares during the last quarter. Finally, Carson Advisory Inc. increased its stake in shares of Broadcom by 2.0% during the second quarter. Carson Advisory Inc. now owns 2,023 shares of the semiconductor manufacturer’s stock valued at $558,000 after buying an additional 39 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Macquarie assumed coverage on shares of Broadcom in a report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price target on the stock. Susquehanna reaffirmed a “positive” rating and issued a $450.00 target price (up from $400.00) on shares of Broadcom in a research report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and set a $443.00 target price (up previously from $409.00) on shares of Broadcom in a research note on Monday, December 1st. Wall Street Zen downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $391.04.

Insider Buying and Selling

In related news, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the transaction, the director owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total value of $5,755,726.38. Following the transaction, the insider owned 329,302 shares of the company’s stock, valued at $114,468,668.22. The trade was a 4.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have bought 3,550 shares of company stock worth $1,227,869 and have sold 665,271 shares worth $225,483,192. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 2.4%

Shares of NASDAQ AVGO opened at $390.24 on Friday. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $403.00. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The firm has a 50-day moving average of $356.79 and a 200 day moving average of $312.12. The stock has a market cap of $1.84 trillion, a P/E ratio of 99.55, a price-to-earnings-growth ratio of 1.33 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The business had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. During the same quarter last year, the firm earned $1.24 earnings per share. The business’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom 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.