Teacher Retirement System of Texas Has $427.59 Million Stock Position in Broadcom Inc. $AVGO

Teacher Retirement System of Texas reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,296,083 shares of the semiconductor manufacturer’s stock after selling 2,501 shares during the quarter. Broadcom accounts for approximately 1.7% of Teacher Retirement System of Texas’ investment portfolio, making the stock its 7th biggest holding. Teacher Retirement System of Texas’ holdings in Broadcom were worth $427,591,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom in the 2nd quarter valued at about $27,000. Teachers Insurance & Annuity Association of America bought a new stake in Broadcom in the second quarter valued at approximately $28,000. LGT Financial Advisors LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $31,000. New England Capital Financial Advisors LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $31,000. Finally, JCIC Asset Management Inc. bought a new position in shares of Broadcom during the 3rd quarter worth approximately $31,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 70,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the sale, the chief executive officer owned 132,836 shares in the company, valued at $46,133,942.80. This represents a 34.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 779,901 shares of company stock valued at $284,069,237 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 0.1%

Shares of AVGO opened at $333.24 on Thursday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.58 trillion, a PE ratio of 70.01, a P/E/G ratio of 1.10 and a beta of 1.21. The firm’s 50 day moving average is $356.26 and its 200-day moving average is $336.89. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the company earned $1.42 EPS. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s payout ratio is presently 54.62%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on AVGO shares. Oppenheimer increased their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. The Goldman Sachs Group reissued a “buy” rating and issued a $450.00 price target on shares of Broadcom in a report on Monday, January 5th. Finally, Susquehanna restated a “positive” rating and set a $450.00 price objective (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $438.61.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.