Texas Permanent School Fund Corp Has $97.61 Million Holdings in Broadcom Inc. $AVGO

Texas Permanent School Fund Corp reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 33.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,114 shares of the semiconductor manufacturer’s stock after selling 176,287 shares during the quarter. Broadcom comprises 1.0% of Texas Permanent School Fund Corp’s holdings, making the stock its 9th largest holding. Texas Permanent School Fund Corp’s holdings in Broadcom were worth $97,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares during the period. Revolve Wealth Partners LLC raised its position in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after acquiring an additional 756 shares in the last quarter. United Bank raised its position in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after acquiring an additional 1,014 shares in the last quarter. Brooklyn Investment Group lifted its stake in shares of Broadcom by 26.3% in the 1st quarter. Brooklyn Investment Group now owns 36,598 shares of the semiconductor manufacturer’s stock valued at $6,128,000 after purchasing an additional 7,627 shares during the period. Finally, Granite Harbor Advisors Inc. boosted its position in shares of Broadcom by 53.7% during the 1st quarter. Granite Harbor Advisors Inc. now owns 4,657 shares of the semiconductor manufacturer’s stock valued at $780,000 after purchasing an additional 1,628 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 368,797 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total value of $124,620,194.27. Following the completion of the sale, the director directly owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the transaction, the insider owned 25,295 shares in the company, valued at $8,798,106.90. This represents a 13.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 818,662 shares of company stock worth $297,135,938 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AVGO shares. Susquehanna reiterated a “positive” rating and issued a $450.00 target price (up from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Barclays reaffirmed an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a research report on Friday. Oppenheimer lifted their price objective on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday. Piper Sandler reiterated an “overweight” rating and set a $430.00 target price (up previously from $375.00) on shares of Broadcom in a research report on Friday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 8th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $435.96.

Broadcom Price Performance

Shares of AVGO opened at $339.81 on Tuesday. The business’s fifty day moving average is $363.26 and its 200 day moving average is $319.19. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.60 trillion, a P/E ratio of 71.39, a P/E/G ratio of 1.22 and a beta of 1.19.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

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.