Broadcom Inc. (NASDAQ:AVGO) is Retirement Systems of Alabama’s 9th Largest Position

Retirement Systems of Alabama reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,148,420 shares of the semiconductor manufacturer’s stock after selling 73,797 shares during the period. Broadcom comprises 1.4% of Retirement Systems of Alabama’s portfolio, making the stock its 9th largest holding. Retirement Systems of Alabama’s holdings in Broadcom were worth $359,710,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Evercore ISI reissued an “outperform” rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Wells Fargo & Company increased their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Finally, Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $250.35, for a total transaction of $200,280.00. Following the completion of the sale, the director now owns 25,382 shares of the company’s stock, valued at $6,354,383.70. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

AVGO stock opened at $251.26 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $219.11 and a two-hundred day simple moving average of $211.61. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. Broadcom’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Company Profile

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.