Utah Retirement Systems Has $174.90 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Utah Retirement Systems increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 754,400 shares of the semiconductor manufacturer's stock after acquiring an additional 1,800 shares during the period. Broadcom makes up about 1.9% of Utah Retirement Systems' holdings, making the stock its 8th largest holding. Utah Retirement Systems' holdings in Broadcom were worth $174,900,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Howard Capital Management Group LLC lifted its stake in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after acquiring an additional 2,908 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after buying an additional 6,540,800 shares in the last quarter. Invst LLC boosted its holdings in Broadcom by 928.6% in the third quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer's stock valued at $522,000 after purchasing an additional 2,730 shares during the period. McIlrath & Eck LLC grew its position in shares of Broadcom by 793.3% during the third quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer's stock worth $69,000 after buying an additional 357 shares in the last quarter. Finally, Passumpsic Savings Bank increased its holdings in Broadcom by 900.9% in the third quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer's stock valued at $2,743,000 after buying an additional 14,315 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on AVGO shares. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday. Citigroup decreased their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Mizuho dropped their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays decreased their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $229.48.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock valued at $131,065,542 over the last three months. Insiders own 2.00% of the company's stock.

Broadcom Stock Up 3.2 %

Shares of Broadcom stock traded up $6.31 on Friday, hitting $203.64. The company had a trading volume of 17,749,359 shares, compared to its average volume of 31,190,330. The firm has a market capitalization of $957.50 billion, a P/E ratio of 166.10, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $124.71 and a twelve month high of $251.88. The stock has a 50-day moving average of $182.19 and a 200-day moving average of $196.28. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

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.