Teacher Retirement System of Texas Has $232.82 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Teacher Retirement System of Texas trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,390,559 shares of the semiconductor manufacturer's stock after selling 126,200 shares during the quarter. Broadcom comprises approximately 1.0% of Teacher Retirement System of Texas' holdings, making the stock its 12th largest position. Teacher Retirement System of Texas' holdings in Broadcom were worth $232,821,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the 1st quarter worth $25,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at approximately $30,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Broadcom stock opened at $274.87 on Friday. The business has a 50 day simple moving average of $237.12 and a 200 day simple moving average of $216.98. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a report on Tuesday, June 24th. Finally, Rosenblatt Securities upped their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $281.46.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by company 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.

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