Sit Investment Associates Inc. Has $89.07 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Sit Investment Associates Inc. increased its stake in Broadcom Inc. by 4.3%, owning 531,988 shares valued at approximately $89 million, making it the fourth largest position in their portfolio.
• In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock, reducing their ownership by 7.65% and bringing total shares owned to 482,836.
• Analysts have given Broadcom a consensus "Buy" rating, with recent price targets ranging from $265 to $320 per share, reflecting positive market sentiment for the semiconductor manufacturer.

Sit Investment Associates Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 531,988 shares of the semiconductor manufacturer's stock after acquiring an additional 22,152 shares during the period. Broadcom accounts for 2.1% of Sit Investment Associates Inc.'s investment portfolio, making the stock its 4th biggest position. Sit Investment Associates Inc.'s holdings in Broadcom were worth $89,071,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. PARUS FINANCE UK Ltd lifted its position in shares of Broadcom by 175.3% in the 1st quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock worth $16,840,000 after purchasing an additional 64,038 shares during the period. Nebula Research & Development LLC lifted its position in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares during the period. Keener Financial Planning LLC lifted its position in shares of Broadcom by 34.8% in the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock worth $149,000 after purchasing an additional 230 shares during the period. Finally, Diversify Wealth Management LLC lifted its position in shares of Broadcom by 5.6% in the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock worth $6,365,000 after purchasing an additional 2,016 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded up $2.14 during mid-day trading on Thursday, hitting $311.23. 15,694,460 shares of the company traded hands, compared to its average volume of 17,086,756. 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 stock has a 50-day moving average price of $277.08 and a two-hundred day moving average price of $228.95. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 116.57, a P/E/G ratio of 2.20 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently announced 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. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVGO. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. UBS Group lifted their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Oppenheimer lifted their price target on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $295.96.

Insider Activity at Broadcom

In related news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock valued at $217,040,489 in the last three months. 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.