Broadcom Inc. $AVGO is Kentucky Retirement Systems Insurance Trust Fund’s 6th Largest Position

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 125,128 shares of the semiconductor manufacturer’s stock after selling 8,674 shares during the quarter. Broadcom accounts for approximately 2.4% of Kentucky Retirement Systems Insurance Trust Fund’s portfolio, making the stock its 6th largest holding. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Broadcom were worth $34,492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVGO. Vanguard Group Inc. increased its stake in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. State Street Corp raised its holdings in Broadcom by 0.5% during the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after buying an additional 873,963 shares during the last quarter. Geode Capital Management LLC boosted its position in Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock valued at $29,827,649,000 after buying an additional 2,226,585 shares during the period. Norges Bank bought a new stake in Broadcom in the 2nd quarter worth $18,579,549,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In other news, insider Charlie B. Kawwas sold 3,893 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the sale, the insider directly owned 25,295 shares of the company’s stock, valued at $8,798,106.90. The trade was a 13.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the sale, the insider owned 329,302 shares in the company, valued at $114,468,668.22. The trade was a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 836,633 shares of company stock valued at $303,612,352. 2.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. Barclays reissued an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a research note on Friday. Bank of America lifted their price objective on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday. Piper Sandler restated an “overweight” rating and set a $430.00 target price (up previously from $375.00) on shares of Broadcom in a report on Friday. Truist Financial set a $500.00 price target on shares of Broadcom in a report on Friday. Finally, Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $435.85.

Broadcom Price Performance

AVGO opened at $359.93 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.70 trillion, a price-to-earnings ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The stock has a fifty day simple moving average of $363.17 and a two-hundred day simple moving average of $318.50. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 EPS. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is 49.58%.

Broadcom Company 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.