Retirement Systems of Alabama Reduces Stake in Broadcom Inc. $AVGO

Retirement Systems of Alabama trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,105,111 shares of the semiconductor manufacturer’s stock after selling 5,609 shares during the period. Broadcom accounts for approximately 2.3% of Retirement Systems of Alabama’s investment portfolio, making the stock its 5th biggest position. Retirement Systems of Alabama’s holdings in Broadcom were worth $694,497,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. First Citizens Bank & Trust Co. grew its holdings in Broadcom by 4.9% during the third quarter. First Citizens Bank & Trust Co. now owns 147,839 shares of the semiconductor manufacturer’s stock worth $48,774,000 after purchasing an additional 6,852 shares during the period. Whittier Trust Co. lifted its position in shares of Broadcom by 1.7% in the third quarter. Whittier Trust Co. now owns 776,920 shares of the semiconductor manufacturer’s stock valued at $262,887,000 after buying an additional 13,091 shares during the last quarter. Quilter Plc boosted its stake in shares of Broadcom by 10,601.2% during the 3rd quarter. Quilter Plc now owns 164,050 shares of the semiconductor manufacturer’s stock worth $54,122,000 after acquiring an additional 162,517 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Broadcom by 7.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,591,055 shares of the semiconductor manufacturer’s stock worth $524,804,000 after acquiring an additional 114,231 shares during the last quarter. Finally, Barrett & Company Inc. raised its stake in Broadcom by 503.8% in the 3rd quarter. Barrett & Company Inc. now owns 803 shares of the semiconductor manufacturer’s stock valued at $265,000 after acquiring an additional 670 shares during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. TD Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Robert W. Baird set a $420.00 price target on Broadcom in a report on Friday, December 12th. Barclays reaffirmed an “overweight” rating and issued a $500.00 price objective (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Oppenheimer lifted their target price on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $437.28.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $331.30 on Friday. The firm has a market cap of $1.57 trillion, a PE ratio of 69.60, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm’s fifty day moving average is $355.76 and its 200-day moving average is $337.24. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

Broadcom (NASDAQ:AVGO) last announced 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 during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share 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 issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. Broadcom’s dividend payout ratio is currently 54.62%.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of Broadcom stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 130,000 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the transaction, the chief executive officer directly owned 595,638 shares in the company, valued at $194,189,900.76. This represents a 17.92% 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 in the last 90 days. Insiders own 2.00% of the company’s stock.

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.