Kentucky Retirement Systems Insurance Trust Fund Acquires 123,769 Shares of Broadcom Inc. (NASDAQ:AVGO)

Kentucky Retirement Systems Insurance Trust Fund lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 880.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 137,819 shares of the semiconductor manufacturer's stock after buying an additional 123,769 shares during the period. Broadcom accounts for approximately 1.6% of Kentucky Retirement Systems Insurance Trust Fund's portfolio, making the stock its 9th largest holding. Kentucky Retirement Systems Insurance Trust Fund's holdings in Broadcom were worth $23,774,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Kentucky Retirement Systems boosted its position in shares of Broadcom by 887.9% in the third quarter. Kentucky Retirement Systems now owns 324,285 shares of the semiconductor manufacturer's stock worth $55,939,000 after acquiring an additional 291,459 shares during the last quarter. Ipswich Investment Management Co. Inc. boosted its holdings in shares of Broadcom by 1,037.6% in the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 4,960 shares of the semiconductor manufacturer's stock valued at $856,000 after purchasing an additional 4,524 shares during the last quarter. Nicollet Investment Management Inc. grew its stake in shares of Broadcom by 900.0% during the 3rd quarter. Nicollet Investment Management Inc. now owns 1,910 shares of the semiconductor manufacturer's stock valued at $329,000 after buying an additional 1,719 shares during the period. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Broadcom during the 3rd quarter worth $207,000. Finally, Miramar Capital LLC boosted its holdings in Broadcom by 862.3% in the third quarter. Miramar Capital LLC now owns 114,877 shares of the semiconductor manufacturer's stock valued at $19,816,000 after acquiring an additional 102,939 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Mizuho raised their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. The Goldman Sachs Group upped their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. Finally, Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Price Performance

Broadcom stock traded down $0.70 during trading hours on Tuesday, hitting $164.97. 7,100,828 shares of the company traded hands, compared to its average volume of 29,373,893. The firm's 50-day simple moving average is $173.34 and its two-hundred day simple moving average is $159.57. The firm has a market cap of $770.50 billion, a P/E ratio of 143.68, a P/E/G ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm's revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom's payout ratio is 184.35%.

Insider Activity

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company's stock.

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.