Employees Retirement System of Texas Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Employees Retirement System of Texas boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 945,949 shares of the semiconductor manufacturer’s stock after buying an additional 19,080 shares during the period. Broadcom accounts for about 1.0% of Employees Retirement System of Texas’ portfolio, making the stock its 16th largest position. Employees Retirement System of Texas’ holdings in Broadcom were worth $219,309,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $26,000. JDM Financial Group LLC raised its stake in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 172 shares during the last quarter. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $33,000. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Robert W. Baird lifted their price objective on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays raised their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’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 completion of the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 697,976 shares of company stock valued at $127,336,102. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Broadcom stock opened at $146.29 on Monday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average price of $201.57 and a 200-day moving average price of $196.43. The firm has a market capitalization 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.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.61%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

About Broadcom

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.