New York State Teachers Retirement System Has $725.29 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

New York State Teachers Retirement System grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 895.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,204,567 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,782,233 shares during the period. Broadcom comprises about 1.5% of New York State Teachers Retirement System’s holdings, making the stock its 9th largest holding. New York State Teachers Retirement System owned approximately 0.09% of Broadcom worth $725,288,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN lifted its stake in shares of Broadcom by 242.9% in 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 last quarter. Clear Point Advisors Inc. lifted its stake in shares of Broadcom by 310.0% in the 1st quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after acquiring an additional 31 shares during the last quarter. Ruedi Wealth Management Inc. lifted its stake in shares of Broadcom by 104.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 51 shares of the semiconductor manufacturer’s stock valued at $68,000 after acquiring an additional 26 shares during the last quarter. Indiana Trust & Investment Management CO lifted its stake in shares of Broadcom by 39.5% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 15 shares during the last quarter. Finally, Creekmur Asset Management LLC lifted its stake in shares of Broadcom by 89.7% in the 1st quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock valued at $98,000 after acquiring an additional 35 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. UBS Group lowered their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Cantor Fitzgerald upped their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Stock Performance

Broadcom stock opened at $168.92 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $786.30 billion, a P/E ratio of 146.89, a PEG ratio of 2.84 and a beta of 1.17. The stock’s 50 day moving average is $168.94 and its 200 day moving average is $156.03. Broadcom Inc. has a twelve month low of $86.00 and a twelve month high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.26%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.35%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the transaction, the chief executive officer now directly owns 1,171,910 shares of the company’s stock, valued at $195,873,037.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

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.