Nisa Investment Advisors LLC Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Nisa Investment Advisors LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,479,241 shares of the semiconductor manufacturer's stock after acquiring an additional 43,438 shares during the quarter. Broadcom makes up 1.2% of Nisa Investment Advisors LLC's portfolio, making the stock its 9th largest holding. Nisa Investment Advisors LLC's holdings in Broadcom were worth $247,669,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its stake in shares of Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock valued at $4,528,000 after buying an additional 6,168 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.9%

NASDAQ:AVGO traded down $2.50 during mid-day trading on Thursday, hitting $275.40. 17,848,136 shares of the stock traded hands, compared to its average volume of 28,277,906. The stock has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.15, a PEG ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.42. The firm's 50 day moving average is $245.29 and its two-hundred day moving average is $218.63. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business 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 company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.96 EPS. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.

Insiders Place Their Bets

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 transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $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 is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on AVGO shares. Morgan Stanley boosted their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Citigroup boosted their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday. Benchmark boosted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $290.21.

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.