Employees Retirement System of Texas Has $219.31 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Employees Retirement System of Texas lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 945,949 shares of the semiconductor manufacturer's stock after purchasing an additional 19,080 shares during the period. Broadcom comprises approximately 1.9% of Employees Retirement System of Texas' investment portfolio, making the stock its 10th largest holding. Employees Retirement System of Texas' holdings in Broadcom were worth $219,309,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AVGO. Brucke Financial Inc. purchased a new stake in Broadcom in the 4th quarter worth about $1,487,000. Azzad Asset Management Inc. ADV boosted its holdings in Broadcom by 1.7% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 37,400 shares of the semiconductor manufacturer's stock worth $8,671,000 after buying an additional 626 shares during the period. Omnia Family Wealth LLC boosted its holdings in Broadcom by 11.2% in the 4th quarter. Omnia Family Wealth LLC now owns 2,611 shares of the semiconductor manufacturer's stock worth $605,000 after buying an additional 264 shares during the period. Chelsea Counsel Co. bought a new position in Broadcom in the 4th quarter worth approximately $185,000. Finally, KMT Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $230,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

AVGO traded up $6.93 during midday trading on Tuesday, hitting $235.65. The stock had a trading volume of 17,906,364 shares, compared to its average volume of 31,055,312. The company has a market cap of $1.11 trillion, a P/E ratio of 192.21, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The business has a fifty day moving average of $191.49 and a 200 day moving average of $201.86. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $251.88.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.00%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy 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 shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on AVGO shares. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho decreased their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Barclays decreased their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, Bank of America decreased their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% 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, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.