Texas Permanent School Fund Corp Sells 18,779 Shares of Broadcom Inc. (NASDAQ:AVGO)

Texas Permanent School Fund Corp decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 20.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,184 shares of the semiconductor manufacturer’s stock after selling 18,779 shares during the period. Broadcom comprises approximately 1.0% of Texas Permanent School Fund Corp’s holdings, making the stock its 11th largest position. Texas Permanent School Fund Corp’s holdings in Broadcom were worth $115,894,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Legend Financial Advisors Inc. grew its position in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at $29,000. Delta Asset Management LLC TN grew its position in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter valued at $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter valued at $37,000. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVGO. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho upped their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Melius Research assumed coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Piper Sandler upped their price target on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Finally, Rosenblatt Securities cut their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insiders Place Their Bets

In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $148.21 on Wednesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The firm has a market capitalization of $689.90 billion, a PE ratio of 6.37, a PEG ratio of 2.41 and a beta of 1.16. The stock’s fifty day moving average is $188.66 and its 200 day moving average is $156.32.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.75 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.43%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.