Teacher Retirement System of Texas Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Teacher Retirement System of Texas grew its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 3.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 159,490 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,632 shares during the period. Teacher Retirement System of Texas’ holdings in Broadcom were worth $100,428,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Norges Bank purchased a new stake in Broadcom during the 4th quarter worth approximately $2,403,800,000. Fisher Asset Management LLC increased its stake in Broadcom by 22,117.6% during the 4th quarter. Fisher Asset Management LLC now owns 752,289 shares of the semiconductor manufacturer’s stock worth $500,581,000 after buying an additional 748,903 shares during the period. Nuveen Asset Management LLC increased its stake in Broadcom by 16.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $2,949,003,000 after buying an additional 624,821 shares during the period. State Street Corp increased its stake in Broadcom by 3.4% during the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock worth $11,001,395,000 after buying an additional 542,398 shares during the period. Finally, Toronto Dominion Bank increased its stake in Broadcom by 119.7% during the 4th quarter. Toronto Dominion Bank now owns 670,216 shares of the semiconductor manufacturer’s stock worth $445,964,000 after buying an additional 365,162 shares during the period. 81.53% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $551.44 on Friday. The company has a 50-day simple moving average of $518.75 and a 200-day simple moving average of $561.25. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $222.68 billion, a PE ratio of 27.34, a P/E/G ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a 52-week low of $462.66 and a 52-week high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last posted its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.51. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The firm had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $7.91 billion. During the same period last year, the firm posted $5.89 EPS. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.

Broadcom declared that its board has authorized a stock buyback plan on Thursday, May 26th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were issued a dividend of $4.10 per share. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 2.97%. Broadcom’s dividend payout ratio (DPR) is currently 81.31%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Bank of America dropped their price objective on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Truist Financial increased their price objective on shares of Broadcom to $658.00 in a research report on Friday, May 27th. Piper Sandler reissued a “buy” rating and issued a $750.00 price objective on shares of Broadcom in a research report on Tuesday, May 24th. Finally, Mizuho upped their target price on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Four analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $680.46.

Broadcom Profile

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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