TIAA Trust National Association Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

TIAA Trust National Association trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 390,410 shares of the semiconductor manufacturer’s stock after selling 55,300 shares during the quarter. TIAA Trust National Association’s holdings in Broadcom were worth $90,514,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at $26,000. Bellevue Asset Management LLC purchased a new position in Broadcom in the 4th quarter worth about $33,000. Pin Oak Investment Advisors Inc. increased its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares during the period. Finally, Synergy Investment Management LLC bought a new stake in Broadcom during the 4th quarter valued at about $35,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $191.25 on Tuesday. The firm has a market cap of $899.25 billion, a P/E ratio of 156.00, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The firm’s 50 day moving average price is $213.70 and its 200-day moving average price is $195.64.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom’s payout ratio is presently 113.46%.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,000 shares of company stock worth $21,494,560. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on AVGO. Citigroup lifted their target price on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Susquehanna increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial boosted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

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.