Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $24.93 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,413 shares of the semiconductor manufacturer’s stock after selling 3,983 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Broadcom were worth $24,932,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mascoma Wealth Management LLC acquired a new position in shares of Broadcom during the 3rd quarter worth $25,000. Total Clarity Wealth Management Inc. acquired a new position in Broadcom in the 3rd quarter valued at $27,000. D Orazio & Associates Inc. acquired a new position in Broadcom in the 3rd quarter valued at $28,000. Clean Yield Group grew its stake in Broadcom by 97.3% in the 3rd quarter. Clean Yield Group now owns 73 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 36 shares during the last quarter. Finally, Spectrum Management Group LLC grew its stake in Broadcom by 135.1% in the 3rd quarter. Spectrum Management Group LLC now owns 87 shares of the semiconductor manufacturer’s stock valued at $42,000 after buying an additional 50 shares during the last quarter. Institutional investors own 79.51% of the company’s stock.

In other Broadcom news, CFO Kirsten M. Spears sold 2,000 shares of the company’s stock in a transaction on Tuesday, December 21st. The shares were sold at an average price of $648.10, for a total transaction of $1,296,200.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Raul J. Fernandez purchased 81 shares of the company’s stock in a transaction on Tuesday, December 14th. The shares were purchased at an average cost of $612.61 per share, for a total transaction of $49,621.41. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

AVGO has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Broadcom from $560.00 to $700.00 and gave the company a “buy” rating in a research note on Friday, December 10th. BMO Capital Markets raised their price target on shares of Broadcom from $625.00 to $675.00 and gave the stock an “outperform” rating in a research report on Friday, December 10th. The biggest takeaway from the earnings call was the company’s $10B buyback expected to be completed by FY22, which demonstrates its confidence in its ability to generate superior free cash flows into next year, the analyst tells investors in a research note. Srivastava adds that Broadcom’s fundamentals are strengthening as “moribund” enterprise spending is coming back “strong”. Morgan Stanley raised their price target on shares of Broadcom from $572.00 to $723.00 and gave the stock an “overweight” rating in a research report on Friday, December 10th. Stating that despite Broadcom reporting “generally in-line numbers” for the quarter, there is “a lot to like in the print.” The positives include the company continuing to “expand its leading operating margin to impressive levels” and its “solid raise” to next quarter’s revenue outlook, said Moore, who adds that management committed to a dividend raise of approximately 14% and announced a new, $10B share repurchase plan in the absence of large M&A. The Goldman Sachs Group raised their price target on shares of Broadcom from $589.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, December 13th. Finally, Piper Sandler raised their price target on shares of Broadcom from $680.00 to $750.00 and gave the stock an “overweight” rating in a research report on Monday, January 3rd. Four investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $658.68.

NASDAQ AVGO traded down $1.19 during trading on Friday, reaching $596.00. 45,029 shares of the stock traded hands, compared to its average volume of 2,462,561. The firm has a market cap of $246.07 billion, a price-to-earnings ratio of 39.81, a price-to-earnings-growth ratio of 1.45 and a beta of 0.97. The stock’s 50-day moving average price is $603.12 and its 200 day moving average price is $530.62. The company has a quick ratio of 2.43, a current ratio of 2.64 and a debt-to-equity ratio of 1.58. Broadcom Inc. has a fifty-two week low of $419.14 and a fifty-two week high of $677.76.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 9th. The semiconductor manufacturer reported $7.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $7.74 by $0.07. Broadcom had a net margin of 24.54% and a return on equity of 46.31%. The firm had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.36 billion. During the same quarter in the previous year, the company earned $5.58 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 29.58 EPS for the current fiscal year.

Broadcom declared that its board has approved a stock buyback plan on Thursday, December 9th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, December 31st. Shareholders of record on Wednesday, December 22nd were paid a $4.10 dividend. The ex-dividend date of this dividend was Tuesday, December 21st. This represents a $16.40 dividend on an annualized basis and a yield of 2.75%. This is a positive change from Broadcom’s previous quarterly dividend of $3.60. Broadcom’s payout ratio is presently 109.33%.

About Broadcom

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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