Employees Retirement System of Texas grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 945,949 shares of the semiconductor manufacturer's stock after buying an additional 19,080 shares during the quarter. Broadcom accounts for approximately 1.9% of Employees Retirement System of Texas' holdings, making the stock its 10th biggest holding. Employees Retirement System of Texas' holdings in Broadcom were worth $219,309,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after acquiring an additional 18,845 shares during the period. Wolff Financial Management LLC bought a new position in shares of Broadcom during the 4th quarter worth about $244,000. Motive Wealth Advisors lifted its holdings in shares of Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock worth $1,066,000 after acquiring an additional 4,209 shares during the period. Nebula Research & Development LLC lifted its holdings in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares during the period. Finally, TTP Investments Inc. lifted its holdings in Broadcom by 71.7% during the 4th quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer's stock valued at $14,061,000 after purchasing an additional 25,330 shares during the last quarter. 76.43% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. Mizuho lifted their price target on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Benchmark reissued a "buy" rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Barclays cut their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.15.
View Our Latest Stock Report on AVGO
Broadcom Trading Up 1.6%
Shares of NASDAQ:AVGO traded up $3.78 during trading on Wednesday, hitting $239.43. 20,233,215 shares of the company's stock were exchanged, compared to its average volume of 31,012,388. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $251.88. The firm has a 50-day moving average price of $192.39 and a two-hundred day moving average price of $202.10. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.13 trillion, a P/E ratio of 195.30, a PEG ratio of 2.29 and a beta of 1.04.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is 113.46%.
Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Insider Transactions at Broadcom
In related news, 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 transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last quarter. 2.00% of the stock is owned by company insiders.
About Broadcom
(
Free Report)
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.
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