VIRGINIA RETIREMENT SYSTEMS ET Al Sells 30,078 Shares of Broadcom Inc. $AVGO

VIRGINIA RETIREMENT SYSTEMS ET Al cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.7% during the 3rd quarter, Holdings Channel reports. The firm owned 781,860 shares of the semiconductor manufacturer’s stock after selling 30,078 shares during the quarter. Broadcom comprises 1.7% of VIRGINIA RETIREMENT SYSTEMS ET Al’s portfolio, making the stock its 9th biggest holding. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Broadcom were worth $274,581,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Parcion Private Wealth LLC lifted its stake in shares of Broadcom by 1.7% during the 3rd quarter. Parcion Private Wealth LLC now owns 57,818 shares of the semiconductor manufacturer’s stock worth $20,305,000 after buying an additional 986 shares during the last quarter. Birinyi Associates Inc. grew its stake in Broadcom by 2.3% in the 3rd quarter. Birinyi Associates Inc. now owns 22,001 shares of the semiconductor manufacturer’s stock valued at $7,726,000 after buying an additional 494 shares during the last quarter. Partners Wealth Management LLC grew its stake in Broadcom by 759.0% in the 3rd quarter. Partners Wealth Management LLC now owns 10,007 shares of the semiconductor manufacturer’s stock valued at $3,514,000 after buying an additional 8,842 shares during the last quarter. Soltis Investment Advisors LLC raised its holdings in Broadcom by 41.6% in the 3rd quarter. Soltis Investment Advisors LLC now owns 51,647 shares of the semiconductor manufacturer’s stock valued at $18,138,000 after acquiring an additional 15,177 shares during the period. Finally, Everett Harris & Co. CA raised its holdings in Broadcom by 1.4% in the 3rd quarter. Everett Harris & Co. CA now owns 3,874 shares of the semiconductor manufacturer’s stock valued at $1,361,000 after acquiring an additional 52 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AVGO shares. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Broadcom in a research report on Monday, September 21st. Piper Sandler assumed coverage on Broadcom in a research note on Wednesday, September 9th. They issued an “overweight” rating and a $460.00 price target for the company. Citic Securities raised Broadcom to a “buy” rating and upped their price objective for the company from $450.00 to $525.00 in a report on Tuesday, September 8th. Raymond James Financial reiterated an “outperform” rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Finally, Weiss Ratings raised Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $530.52.

Broadcom Trading Down 1.2%

Shares of AVGO stock opened at $322.23 on Tuesday. The stock has a market cap of $1.54 trillion, a P/E ratio of 41.15 and a beta of 1.46. Broadcom Inc. has a 1 year low of $289.96 and a 1 year high of $495.00. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $351.88 and a 200 day simple moving average of $366.79.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping analysts’ consensus estimates of $3.22 by $0.10. The firm had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The company’s revenue was up 85.5% on a year-over-year basis. During the same quarter last year, the company earned $1.69 EPS. On average, research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a $0.65 dividend. The ex-dividend date was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is presently 33.21%.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.