State of Michigan Retirement System 13F: Cuts AVGO Stake by $5.9M
Key Points
- The State of Michigan Retirement System now holds 1,617,742 shares of Broadcom, which is valued at approximately $568.1 million.
- Broadcom's stock recently traded around $342.45, which is about equal to the closing price of $342.33 on October 27, 2026.
- The fund's reported value for this position is 5.16% of its total portfolio, making it the fifth largest holding in the fund.
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On October 27, 2026, the State of Michigan Retirement System trimmed its stake in Broadcom Inc. (AVGO) by 16,900 shares, bringing its total to 1,617,742 shares valued at about $568.1 million. This information comes from the fund's latest Form 13F filing with the SEC.
The State of Michigan's reduction represents a 1.03% decrease in its position. This move reduces its portfolio weight in Broadcom to 5.16%, maintaining its ranking as the fifth largest holding in its reported portfolio, which has a total value of approximately $11.02 billion.
AVGO
Broadcom Inc.
Other Institutional Activity in Broadcom
Several other funds also adjusted their positions in Broadcom around the same time. Simon Quick Advisors grew its holdings by 4,828 shares, totaling 26,623 shares worth about $9.35 million. In contrast, Chicago Partners Investment Group cut its stake by 8,036 shares, leaving it with 49,422 shares. Asset Management One added 23,212 shares, increasing its total to 2,171,096 shares valued at around $762.5 million.
Broadcom Inc. Stock Up 6.5%
Broadcom shares recently traded around $342.45, which is about equal to the closing price of $342.33 on October 27, 2026. The stock is currently below both its 50-day and 200-day moving averages, indicating a potential challenge for the stock's momentum. It remains about 30.8% below its 52-week high of $495.00, but is 18.1% above its 52-week low of $289.96.
Recent Earnings
In its most recent financial report, Broadcom posted a trailing twelve-month revenue of approximately $89.1 billion and an earnings per share (EPS) of $7.83. The next earnings report is scheduled for December 9, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
14 target raises vs 1 cuts.
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EPS & revenue
EPS met estimates. Revenue missed estimates by 2.3%.
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Profit surprise
EBITDA missed by 14 percent. Operating income missed by 28 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
1 downgrade, 14 target raises, 1 target cut.
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Earnings quality
Gross margin down 0.7 points. Operating margin up 10.1 points. Positive free cash flow.
Earnings Call Summary
Broadcom reported record quarterly revenue of $22.2 billion, up 48 percent from last year, driven by massive AI chip demand. AI chip sales alone hit $10.8 billion, up 143 percent, with bookings exceeding $30 billion against only $10.8 billion shipped, showing extreme customer demand. The company is executing partnerships with Google, Anthropic, OpenAI, and Meta to build large-scale AI compute clusters, with multiple gigawatt commitments starting to ramp in 2027 and beyond.
Guidance The company expects total sales of about $29.4 billion next quarter, up 84 percent year over year. Within that, AI chip sales should hit $16 billion, up over 200 percent. The company also raised its full-year AI sales target to $56 billion and reiterated guidance for 2027 AI sales to exceed $100 billion. Operating margins will stay stable at 67 percent even as the company grows.
Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.
Dividend
Broadcom pays an annual dividend of $2.60 per share, yielding about 0.79%. The dividend payout ratio is 32.4%, reflecting a strong commitment to returning value to shareholders.
Insider Buying and Selling at Broadcom Inc.
Several insiders have sold shares recently, including Director Justine F. Page, who sold 1,602 shares at an average price of $373.86 on June 29, 2026. Additionally, Director Gayla J. Delly sold 1,890 shares at $385.38 on July 8, 2026, and Officer Mark David Brazeal sold 25,000 shares at $379.19 on the same day. He also sold another 25,000 shares at $401.33 on July 10, 2026.
Analysts Set New Price Targets
On October 27, 2026, Rosenblatt maintained a Buy rating on Broadcom with a price target of $600. DA Davidson upgraded its rating to Buy with a target of $400. The consensus among analysts is a strong buy with a mean price target of $529.10 based on 48 opinions.
About Broadcom
Broadcom Inc. designs and supplies a wide range of semiconductor devices and infrastructure software solutions globally. The company operates in two main segments: Semiconductor Solutions and Infrastructure Software. This recent trimming of shares by the State of Michigan Retirement System may indicate a strategic shift in how it views Broadcom's growth potential.
Bottom Line
Investors should keep an eye on Broadcom's upcoming earnings report on December 9, 2026, for further insights into the company's performance. Additionally, watch for any further filings from institutional investors that may impact Broadcom's stock trajectory.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $AVGO (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts