Nixon Peabody Trust Co. Buys 10,438 Shares of Broadcom Inc. (NASDAQ:AVGO)

Nixon Peabody Trust Co. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2,649.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,832 shares of the semiconductor manufacturer’s stock after buying an additional 10,438 shares during the period. Nixon Peabody Trust Co.’s holdings in Broadcom were worth $12,091,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Horizon Family Wealth Inc. raised its position in shares of Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 8 shares during the period. BetterWealth LLC raised its holdings in shares of Broadcom by 1.5% in the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares during the last quarter. Sargent Investment Group LLC increased its position in shares of Broadcom by 1.6% during the 4th quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock valued at $622,000 after purchasing an additional 9 shares during the last quarter. Centric Wealth Management raised its position in shares of Broadcom by 1.6% in the fourth quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock valued at $646,000 after purchasing an additional 9 shares during the period. Finally, Rise Advisors LLC raised its holdings in shares of Broadcom by 33.3% in the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after acquiring an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO stock traded up $14.55 during trading hours on Friday, reaching $1,407.84. 1,672,282 shares of the company’s stock were exchanged, compared to its average volume of 2,770,527. The stock has a market capitalization of $652.42 billion, a P/E ratio of 52.15, a P/E/G ratio of 2.78 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a fifty-two week low of $690.77 and a fifty-two week high of $1,445.40. The business has a fifty day moving average price of $1,321.19 and a 200-day moving average price of $1,197.06.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the company earned $9.83 EPS. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 36.06 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Wall Street Analyst Weigh In

A number of analysts have commented on AVGO shares. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Barclays boosted their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Finally, Evercore ISI initiated coverage on shares of Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,296.91.

Insider Buying and Selling

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

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.