Kentucky Retirement Systems Insurance Trust Fund Takes $22.40 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 133,802 shares of the semiconductor manufacturer’s stock, valued at approximately $22,402,000. Broadcom comprises about 1.6% of Kentucky Retirement Systems Insurance Trust Fund’s holdings, making the stock its 8th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock worth $163,760,949 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO opened at $249.99 on Friday. The business’s 50-day moving average is $220.48 and its 200-day moving average is $212.46. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 earnings per share. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on AVGO shares. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Profile

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.