Teachers Retirement System of The State of Kentucky Buys 29,228 Shares of Broadcom Inc. (NASDAQ:AVGO)

Teachers Retirement System of The State of Kentucky boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 934,119 shares of the semiconductor manufacturer's stock after buying an additional 29,228 shares during the period. Broadcom makes up about 1.4% of Teachers Retirement System of The State of Kentucky's investment portfolio, making the stock its 7th biggest position. Teachers Retirement System of The State of Kentucky's holdings in Broadcom were worth $156,398,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC grew its position in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after purchasing an additional 137 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of AVGO stock traded up $0.52 during trading hours on Wednesday, reaching $279.11. The stock had a trading volume of 8,971,814 shares, compared to its average volume of 27,655,921. The stock's fifty day simple moving average is $254.41 and its 200 day simple moving average is $220.17. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $290.54. The firm has a market capitalization of $1.31 trillion, a PE ratio of 104.54, a PEG ratio of 2.05 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate 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 business's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $10.96 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. Oppenheimer lifted their price objective on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Citigroup raised their target price on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $292.08.

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.