Broadcom Inc. (NASDAQ:AVGO) Holdings Increased by Utah Retirement Systems

Utah Retirement Systems grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 754,400 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,800 shares during the period. Broadcom comprises approximately 1.9% of Utah Retirement Systems’ holdings, making the stock its 8th largest holding. Utah Retirement Systems’ holdings in Broadcom were worth $174,900,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $26,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter worth $32,000. Bellevue Asset Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $33,000. Finally, Synergy Investment Management LLC bought a new position in shares of Broadcom during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 0.7 %

AVGO stock opened at $191.17 on Wednesday. The firm’s fifty day simple moving average is $182.92 and its 200-day simple moving average is $196.21. The company has a market capitalization of $898.87 billion, a P/E ratio of 155.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $122.33 and a 12 month high of $251.88.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AVGO. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Citigroup dropped their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Mizuho cut their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Finally, Truist Financial increased their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,776 shares of company stock worth $131,065,542 in the last three months. Company insiders own 2.00% of the company’s stock.

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.