Nicolet Advisory Services LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Nicolet Advisory Services LLC increased its stake in Broadcom Inc. by 18.7%, owning 11,857 shares valued at approximately $2,043,000.
• Broadcom recently reported earnings of $1.58 EPS, exceeding expectations, with quarterly revenue up by 20.2% year-over-year, amounting to $15 billion.
• The stock repurchase plan initiated by Broadcom allows for the buyback of up to $10 billion in shares, signaling confidence in the stock's value.

Nicolet Advisory Services LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,857 shares of the semiconductor manufacturer's stock after acquiring an additional 1,868 shares during the period. Nicolet Advisory Services LLC's holdings in Broadcom were worth $2,043,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of AVGO. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp boosted its holdings in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the period. APG Asset Management N.V. boosted its holdings in shares of Broadcom by 609.4% in the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after buying an additional 3,762,034 shares during the period. Finally, FMR LLC boosted its holdings in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target on the stock. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $294.92.

Broadcom Trading Down 1.7%

Shares of Broadcom stock traded down $5.06 during midday trading on Friday, reaching $288.64. 21,405,316 shares of the company's stock traded hands, compared to its average volume of 15,995,794. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.36 trillion, a PE ratio of 108.10, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15. The stock has a 50 day moving average of $266.56 and a 200-day moving average of $224.55. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $306.95.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the transaction, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by insiders.

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.