Broadcom Inc. $AVGO is Strs Ohio’s 6th Largest Position

Strs Ohio lifted its stake 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 institutional investor owned 1,841,970 shares of the semiconductor manufacturer’s stock after purchasing an additional 57,926 shares during the quarter. Broadcom comprises approximately 2.2% of Strs Ohio’s holdings, making the stock its 6th largest position. Strs Ohio’s holdings in Broadcom were worth $607,684,000 as of its most recent SEC filing.

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

Broadcom Stock Performance

Shares of AVGO opened at $332.79 on Wednesday. The firm has a market capitalization of $1.58 trillion, a P/E ratio of 69.91, a PEG ratio of 1.08 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The business has a fifty day moving average of $356.69 and a 200 day moving average of $336.92.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the sale, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total transaction of $631,998.40. Following the completion of the transaction, the insider owned 23,582 shares in the company, valued at $7,730,179.60. The trade was a 7.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 779,901 shares of company stock valued at $284,069,237 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. Raymond James Financial set a $420.00 target price on Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. Susquehanna restated a “positive” rating and issued a $450.00 price target (up previously from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. UBS Group set a $475.00 price target on Broadcom and gave the company a “buy” rating in a report on Monday, December 15th. Finally, TD Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Two research 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’s stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Buy” and an average target price of $438.61.

Broadcom Company 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.