Employees Retirement System of Texas Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Employees Retirement System of Texas increased its position in Broadcom Inc. (NASDAQ:AVGO) by 6.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,586 shares of the semiconductor manufacturer’s stock after buying an additional 7,007 shares during the period. Broadcom accounts for about 1.3% of Employees Retirement System of Texas’ investment portfolio, making the stock its 13th biggest position. Employees Retirement System of Texas’ holdings in Broadcom were worth $97,660,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisor L.P increased its position in Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after purchasing an additional 36,458 shares during the last quarter. Fairfield Bush & CO. raised its position in shares of Broadcom by 2.6% during the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after buying an additional 123 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Broadcom by 20.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after buying an additional 87,945 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of Broadcom by 1.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after acquiring an additional 420 shares during the last quarter. Finally, Ergoteles LLC bought a new stake in Broadcom during the first quarter worth approximately $1,095,000. 78.81% of the stock is owned by institutional investors.

Broadcom Stock Down 1.4 %

Shares of Broadcom stock traded down $14.02 during trading on Tuesday, hitting $981.69. 1,642,843 shares of the stock traded hands, compared to its average volume of 2,416,974. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73. The stock’s fifty day simple moving average is $871.36 and its 200 day simple moving average is $843.08. The firm has a market cap of $405.18 billion, a P/E ratio of 30.62, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11. Broadcom Inc. has a 52-week low of $514.83 and a 52-week high of $999.87.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.85 billion. During the same quarter last year, the firm posted $9.07 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 37.83 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, September 21st were paid a $4.60 dividend. This represents a $18.40 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is 56.58%.

Insider Buying and Selling at Broadcom

In related news, Director Check Kian Low purchased 11,000 shares of Broadcom stock in a transaction dated Wednesday, September 6th. The stock was purchased at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the transaction, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the sale, the director now directly owns 9,123 shares in the company, valued at approximately $7,806,368.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Check Kian Low acquired 11,000 shares of Broadcom stock in a transaction that occurred on Wednesday, September 6th. The shares were purchased at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. Mizuho raised their price objective on Broadcom from $840.00 to $960.00 in a research note on Friday, September 1st. Rosenblatt Securities restated a “buy” rating and issued a $1,000.00 price target on shares of Broadcom in a research report on Wednesday, September 20th. TD Cowen boosted their price objective on shares of Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a research report on Friday, September 1st. Susquehanna restated a “positive” rating and issued a $1,010.00 target price on shares of Broadcom in a report on Monday, September 18th. Finally, Wells Fargo & Company upped their price target on shares of Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $848.52.

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.