Kentucky Retirement Systems Sells 5,734 Shares of Broadcom Inc. (NASDAQ:AVGO)

Kentucky Retirement Systems trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 314,144 shares of the semiconductor manufacturer's stock after selling 5,734 shares during the period. Broadcom comprises 1.6% of Kentucky Retirement Systems' investment portfolio, making the stock its 8th largest position. Kentucky Retirement Systems' holdings in Broadcom were worth $52,597,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Canton Hathaway LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the fourth quarter worth $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer now directly owns 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction dated Wednesday, March 26th. The shares were 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 directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.5%

AVGO stock opened at $249.99 on Friday. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11. The firm has a fifty day moving average price of $220.48 and a two-hundred day moving average price of $212.46. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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 company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.96 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Mizuho boosted their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Citigroup boosted their target price on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $276.09.

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.

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