Employees Retirement System of Texas Acquires 19,080 Shares of Broadcom Inc. (NASDAQ:AVGO)

Employees Retirement System of Texas raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 945,949 shares of the semiconductor manufacturer’s stock after buying an additional 19,080 shares during the quarter. Broadcom accounts for 1.0% of Employees Retirement System of Texas’ investment portfolio, making the stock its 16th largest holding. Employees Retirement System of Texas’ holdings in Broadcom were worth $219,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC acquired a new stake in Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. JDM Financial Group LLC raised its stake in Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares during the period. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter worth approximately $32,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $33,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on AVGO shares. Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Bank of America lifted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Evercore ISI lifted their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the firm’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 completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 697,976 shares of company stock valued at $127,336,102 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

NASDAQ AVGO opened at $146.29 on Monday. The company has a market cap of $687.85 billion, a PE ratio of 119.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm’s 50-day simple moving average is $201.57 and its two-hundred day simple moving average is $196.43. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.61%. Broadcom’s dividend payout ratio is 113.46%.

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.