Retirement Systems of Alabama Has $264.71 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Retirement Systems of Alabama grew its position in Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 237,138 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,425 shares during the quarter. Broadcom comprises about 1.1% of Retirement Systems of Alabama’s portfolio, making the stock its 11th largest holding. Retirement Systems of Alabama’s holdings in Broadcom were worth $264,705,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Stuart Chaussee & Associates Inc. acquired a new position in Broadcom during the fourth quarter valued at approximately $25,000. PSI Advisors LLC lifted its stake in shares of Broadcom by 66.7% during the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares during the last quarter. Macroview Investment Management LLC bought a new stake in shares of Broadcom during the third quarter worth approximately $29,000. BKM Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $29,000. Finally, CKW Financial Group acquired a new position in shares of Broadcom in the fourth quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction dated 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 sale, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 3.8 %

Shares of AVGO stock traded up $49.65 during trading hours on Friday, reaching $1,344.07. 2,409,983 shares of the stock were exchanged, compared to its average volume of 2,322,994. The firm has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.82, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company’s 50-day moving average price is $1,306.70 and its 200-day moving average price is $1,135.99. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter in the prior year, the company earned $9.83 EPS. The business’s revenue was up 34.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. Broadcom’s dividend payout ratio is presently 77.84%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Mizuho lifted their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Finally, Benchmark reissued a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

About Broadcom

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.