Broadcom Inc (NASDAQ:AVGO) Position Lowered by Strs Ohio

Strs Ohio reduced its position in Broadcom Inc (NASDAQ:AVGO) by 21.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 271,007 shares of the semiconductor manufacturer’s stock after selling 75,735 shares during the quarter. Strs Ohio owned approximately 0.07% of Broadcom worth $85,643,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Natixis boosted its position in shares of Broadcom by 840.6% in the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock worth $126,871,000 after purchasing an additional 393,880 shares during the last quarter. California Public Employees Retirement System lifted its position in shares of Broadcom by 33.7% during the third quarter. California Public Employees Retirement System now owns 911,270 shares of the semiconductor manufacturer’s stock valued at $251,574,000 after purchasing an additional 229,749 shares in the last quarter. Hamlin Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at about $38,997,000. BlackRock Inc. lifted its position in shares of Broadcom by 0.4% during the second quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock valued at $7,421,177,000 after purchasing an additional 105,186 shares in the last quarter. Finally, KCL Capital L.P. boosted its holdings in Broadcom by 820.0% during the second quarter. KCL Capital L.P. now owns 115,000 shares of the semiconductor manufacturer’s stock worth $33,104,000 after purchasing an additional 102,500 shares during the last quarter. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Shares of AVGO stock traded up $4.17 during trading on Friday, reaching $323.82. 4,732,506 shares of the company’s stock traded hands, compared to its average volume of 2,132,452. The firm’s 50-day moving average is $314.22 and its 200 day moving average is $295.93. The company has a market capitalization of $124.46 billion, a P/E ratio of 50.28, a PEG ratio of 1.52 and a beta of 0.90. Broadcom Inc has a 1 year low of $250.09 and a 1 year high of $331.20. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 1.58.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share for the quarter, beating analysts’ consensus estimates of $5.35 by $0.04. Broadcom had a net margin of 12.06% and a return on equity of 46.16%. The business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.74 billion. During the same period in the previous year, the business earned $5.85 EPS. Broadcom’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc will post 19.22 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a dividend of $3.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $13.00 annualized dividend and a dividend yield of 4.01%. This is an increase from Broadcom’s previous quarterly dividend of $2.65. Broadcom’s dividend payout ratio is currently 74.67%.

In other news, CEO Hock E. Tan sold 73,646 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $303.36, for a total transaction of $22,341,250.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.56, for a total transaction of $6,291,200.00. Insiders sold 188,646 shares of company stock valued at $58,355,351 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

AVGO has been the subject of a number of recent analyst reports. KeyCorp upped their price objective on shares of Broadcom from $340.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Argus reissued a “buy” rating and set a $385.00 target price on shares of Broadcom in a research report on Monday, December 16th. Citigroup boosted their target price on Broadcom from $340.00 to $378.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $380.00 target price on shares of Broadcom in a report on Friday, December 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $370.00 target price on shares of Broadcom in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $334.10.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: Neutral Rating

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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