Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 993,104 shares of the semiconductor manufacturer’s stock after selling 20,219 shares during the quarter. Broadcom accounts for about 1.4% of Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s investment portfolio, making the stock its 11th largest holding. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Broadcom were worth $230,241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Fiduciary Group LLC lifted its position in shares of Broadcom by 2.3% during the fourth quarter. Fiduciary Group LLC now owns 6,970 shares of the semiconductor manufacturer’s stock worth $1,616,000 after purchasing an additional 160 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Broadcom by 41.1% during the 4th quarter. Teacher Retirement System of Texas now owns 1,516,759 shares of the semiconductor manufacturer’s stock worth $351,645,000 after buying an additional 441,509 shares during the last quarter. Grey Fox Wealth Advisors LLC bought a new position in Broadcom during the 4th quarter worth approximately $224,000. First National Bank of Hutchinson increased its holdings in shares of Broadcom by 2.1% in the 4th quarter. First National Bank of Hutchinson now owns 12,450 shares of the semiconductor manufacturer’s stock valued at $2,886,000 after acquiring an additional 252 shares during the last quarter. Finally, Sandy Spring Bank increased its holdings in shares of Broadcom by 20.9% in the 4th quarter. Sandy Spring Bank now owns 23,295 shares of the semiconductor manufacturer’s stock valued at $5,401,000 after acquiring an additional 4,027 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 3.7 %

Shares of Broadcom stock opened at $195.57 on Thursday. The business has a fifty day simple moving average of $215.81 and a 200-day simple moving average of $194.61. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm has a market cap of $919.56 billion, a price-to-earnings ratio of 159.52, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. This represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,738 shares of company stock valued at $43,395,200 in the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Evercore ISI raised their price target on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Truist Financial upped their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Broadcom 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.