Broadcom Inc. $AVGO Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,105,111 shares of the semiconductor manufacturer’s stock after selling 5,609 shares during the quarter. Broadcom accounts for 2.3% of Retirement Systems of Alabama’s portfolio, making the stock its 5th largest position. Retirement Systems of Alabama’s holdings in Broadcom were worth $694,497,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of AVGO. Vanguard Group Inc. raised its position in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares in the last quarter. State Street Corp raised its holdings in shares of Broadcom by 0.5% in the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after purchasing an additional 873,963 shares in the last quarter. Geode Capital Management LLC lifted its stake in Broadcom by 2.1% during the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock valued at $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank bought a new stake in Broadcom during the second quarter worth approximately $18,579,549,000. Finally, Invesco Ltd. grew its position in Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after buying an additional 2,978,768 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of Broadcom stock in a transaction 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. The trade was a 9.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the transaction, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. The trade was a 12.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 779,901 shares of company stock worth $284,069,237 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.2%

Broadcom stock opened at $331.30 on Friday. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm has a market capitalization of $1.57 trillion, a PE ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The business’s 50-day simple moving average is $355.76 and its 200-day simple moving average is $337.24.

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

Broadcom Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVGO. Truist Financial lifted their price target on Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Wolfe Research raised shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 target price on the stock in a research report on Friday. Rosenblatt Securities upped their price target on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $450.00 price objective on shares of Broadcom in a research note on Monday, January 5th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Buy” and a consensus price target of $437.28.

Broadcom Company 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.