Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,413 shares of the semiconductor manufacturer’s stock after selling 3,983 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Broadcom were worth $24,932,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of AVGO. Eagle Capital Management LLC grew its holdings in shares of Broadcom by 0.7% during the second quarter. Eagle Capital Management LLC now owns 10,602 shares of the semiconductor manufacturer’s stock worth $5,055,000 after purchasing an additional 74 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Broadcom by 10.1% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 98,980 shares of the semiconductor manufacturer’s stock worth $47,198,000 after purchasing an additional 9,096 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Broadcom by 4.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 28,550 shares of the semiconductor manufacturer’s stock worth $13,614,000 after buying an additional 1,254 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Broadcom by 7.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 19,215 shares of the semiconductor manufacturer’s stock worth $9,162,000 after buying an additional 1,323 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its holdings in shares of Broadcom by 6.9% during the second quarter. Dynamic Advisor Solutions LLC now owns 5,050 shares of the semiconductor manufacturer’s stock worth $2,408,000 after buying an additional 325 shares during the last quarter. 79.51% of the stock is currently owned by institutional investors.

In other Broadcom news, CFO Kirsten M. Spears sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 21st. The shares were sold at an average price of $648.10, for a total value of $1,296,200.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Raul J. Fernandez acquired 159 shares of the business’s stock in a transaction on Thursday, December 16th. The stock was purchased at an average price of $626.99 per share, for a total transaction of $99,691.41. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

Broadcom stock traded down $1.19 during trading on Friday, reaching $596.00. 45,029 shares of the company’s stock were exchanged, compared to its average volume of 2,462,561. The company’s 50-day moving average is $603.12 and its two-hundred day moving average is $530.62. The company has a debt-to-equity ratio of 1.58, a quick ratio of 2.43 and a current ratio of 2.64. Broadcom Inc. has a 52-week low of $419.14 and a 52-week high of $677.76. The firm has a market cap of $246.07 billion, a price-to-earnings ratio of 39.81, a PEG ratio of 1.45 and a beta of 0.97.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 9th. The semiconductor manufacturer reported $7.81 earnings per share for the quarter, topping analysts’ consensus estimates of $7.74 by $0.07. Broadcom had a net margin of 24.54% and a return on equity of 46.31%. The firm had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.36 billion. During the same period in the prior year, the company earned $5.58 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 29.58 EPS for the current year.

Broadcom declared that its board has approved a stock repurchase program on Thursday, December 9th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 31st. Shareholders of record on Wednesday, December 22nd were issued a $4.10 dividend. The ex-dividend date of this dividend was Tuesday, December 21st. This represents a $16.40 dividend on an annualized basis and a yield of 2.75%. This is a positive change from Broadcom’s previous quarterly dividend of $3.60. Broadcom’s payout ratio is currently 109.33%.

A number of equities analysts recently issued reports on the company. Wells Fargo & Company raised their price target on Broadcom from $565.00 to $635.00 and gave the stock an “equal weight” rating in a report on Friday, December 10th. Credit Suisse Group lifted their price objective on Broadcom from $580.00 to $620.00 and gave the company an “outperform” rating in a report on Tuesday, December 7th. Morgan Stanley lifted their price objective on Broadcom from $572.00 to $723.00 and gave the company an “overweight” rating in a report on Friday, December 10th. Stating that despite Broadcom reporting “generally in-line numbers” for the quarter, there is “a lot to like in the print.” The positives include the company continuing to “expand its leading operating margin to impressive levels” and its “solid raise” to next quarter’s revenue outlook, said Moore, who adds that management committed to a dividend raise of approximately 14% and announced a new, $10B share repurchase plan in the absence of large M&A. Piper Sandler lifted their price objective on Broadcom from $680.00 to $750.00 and gave the company an “overweight” rating in a report on Monday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $560.00 to $700.00 and gave the company a “buy” rating in a report on Friday, December 10th. Four analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $658.68.

Broadcom Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

See Also: Dividend Aristocrat Index

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.