Nixon Peabody Trust Co. Has $16.23 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Nixon Peabody Trust Co. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,952 shares of the semiconductor manufacturer's stock after selling 24,485 shares during the quarter. Broadcom makes up 1.4% of Nixon Peabody Trust Co.'s holdings, making the stock its 23rd biggest holding. Nixon Peabody Trust Co.'s holdings in Broadcom were worth $16,233,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC raised its position in Broadcom by 3.2% in the 4th 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 last quarter. Norges Bank purchased a new position in Broadcom during the 4th quarter worth $16,893,010,000. Finally, Northern Trust Corp grew its stake in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO traded down $1.15 during trading hours on Thursday, hitting $259.93. The company had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,784. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.22 trillion, a P/E ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The business has a fifty day simple moving average of $200.31 and a 200-day simple moving average of $205.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.91%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho raised their price target on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Bank of America dropped their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Susquehanna upped their target price on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a report on Thursday, May 29th. KeyCorp lifted their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $246.00.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company's stock.

Broadcom Company 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.