Teacher Retirement System of Texas Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

12 May 2024, 18:30 by Renee Jackson · The Cerbat Gem

Teacher Retirement System of Texas trimmed its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 19.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 103,407 shares of the semiconductor manufacturer’s stock after selling 24,520 shares during the quarter. Broadcom comprises 0.8% of Teacher Retirement System of Texas’ portfolio, making the stock its 14th largest position. Teacher Retirement System of Texas’ holdings in Broadcom were worth $115,428,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Stuart Chaussee & Associates Inc. acquired a new stake in Broadcom during the fourth quarter worth about $25,000. PSI Advisors LLC raised its holdings in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the period. BKM Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $29,000. CKW Financial Group purchased a new position in shares of Broadcom in the 4th quarter worth about $30,000. Finally, Bfsg LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. The Goldman Sachs Group reiterated a “buy” rating and set a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Finally, Mizuho raised their target price on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Get Our Latest Stock Analysis on AVGO

Broadcom Stock Performance

Shares of AVGO traded up $27.13 during mid-day trading on Friday, hitting $1,332.80. The stock had a trading volume of 1,629,953 shares, compared to its average volume of 2,314,655. The company has a market cap of $617.65 billion, a PE ratio of 49.40, a PEG ratio of 2.71 and a beta of 1.25. The company’s fifty day simple moving average is $1,308.31 and its two-hundred day simple moving average is $1,163.21. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a fifty-two week low of $617.99 and a fifty-two week high of $1,438.17.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the firm earned $9.83 EPS. On average, equities analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.58%. Broadcom’s payout ratio is 77.84%.

Broadcom Company Profile

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