California State Teachers Retirement System Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

California State Teachers Retirement System lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,960,721 shares of the semiconductor manufacturer’s stock after selling 173,100 shares during the quarter. Broadcom makes up 1.9% of California State Teachers Retirement System’s holdings, making the stock its 8th biggest holding. California State Teachers Retirement System owned approximately 0.15% of Broadcom worth $1,613,774,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth $26,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth $32,000. Bellevue Asset Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth $33,000. Finally, Synergy Investment Management LLC acquired a new position in Broadcom in the fourth quarter valued at $35,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 719,776 shares of company stock worth $131,065,542 over the last ninety days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on AVGO shares. Citigroup dropped their target price on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Truist Financial lifted their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, Barclays cut their target price on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $192.31 on Monday. The firm has a market capitalization of $904.23 billion, a P/E ratio of 156.86, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock’s 50-day simple moving average is $184.36 and its two-hundred day simple moving average is $196.17. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom Company 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.