Strs Ohio Grows Holdings in Broadcom Inc. $AVGO

Strs Ohio increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,841,970 shares of the semiconductor manufacturer’s stock after purchasing an additional 57,926 shares during the quarter. Broadcom accounts for 2.2% of Strs Ohio’s investment portfolio, making the stock its 6th biggest position. Strs Ohio’s holdings in Broadcom were worth $607,684,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom in the 2nd quarter valued at about $27,000. Teachers Insurance & Annuity Association of America purchased a new position in Broadcom in the 2nd quarter worth approximately $28,000. LGT Financial Advisors LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $31,000. New England Capital Financial Advisors LLC bought a new stake in Broadcom in the second quarter valued at approximately $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Broadcom during the third quarter valued at approximately $31,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on AVGO. Susquehanna reiterated a “positive” rating and set a $450.00 price target (up from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Truist Financial raised their price target on shares of Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $410.00 to $430.00 in a research report on Thursday, January 15th. Royal Bank Of Canada started coverage on shares of Broadcom in a report on Wednesday, January 14th. They set a “sector perform” rating and a $370.00 target price for the company. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $438.61.

Broadcom Trading Up 2.4%

Shares of AVGO opened at $332.79 on Wednesday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $356.69 and its 200-day moving average price is $336.92. The firm has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 69.91, a PEG ratio of 1.08 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. Broadcom’s revenue was up 28.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.42 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, December 22nd. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is 54.62%.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the sale, the chief executive officer owned 132,836 shares in the company, valued at approximately $46,133,942.80. The trade was a 34.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the completion of the sale, the insider directly owned 210,573 shares in the company, valued at $73,094,099.76. This represents a 12.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 779,901 shares of company stock valued at $284,069,237 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.