Teachers Retirement System of The State of Kentucky Has $189.46 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 118,004 shares of the semiconductor manufacturer’s stock after selling 11,336 shares during the quarter. Broadcom accounts for about 1.7% of Teachers Retirement System of The State of Kentucky’s portfolio, making the stock its 7th largest holding. Teachers Retirement System of The State of Kentucky’s holdings in Broadcom were worth $189,459,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. boosted its stake in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new position in Broadcom in the 1st quarter worth approximately $29,000. Delta Asset Management LLC TN lifted its position in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $43,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 233,452 shares of company stock worth $51,278,838. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Citigroup reiterated a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Melius Research began coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price for the company. Finally, Bank of America restated a “buy” rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Performance

NASDAQ AVGO opened at $172.50 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm has a market capitalization of $802.97 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 2.78 and a beta of 1.16. The company’s fifty day moving average is $158.23 and its two-hundred day moving average is $148.55. Broadcom Inc. has a 52-week low of $80.89 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue was up 47.3% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

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.