Sit Investment Associates Inc. Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Sit Investment Associates Inc. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 531,988 shares of the semiconductor manufacturer’s stock after purchasing an additional 22,152 shares during the period. Broadcom makes up 2.1% of Sit Investment Associates Inc.’s portfolio, making the stock its 4th biggest position. Sit Investment Associates Inc.’s holdings in Broadcom were worth $89,071,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Broadcom by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock valued at $79,900,968,000 after acquiring an additional 2,085,534 shares in the last quarter. Northern Trust Corp lifted its stake in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 46.9% in the 4th 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 acquiring an additional 15,171,849 shares in the last quarter. Nuveen LLC bought a new stake in Broadcom in the 1st quarter valued at approximately $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Broadcom by 1.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer’s stock valued at $7,975,616,000 after acquiring an additional 581,704 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. This trade represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $217,040,489 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Trading Down 1.2%

Shares of Broadcom stock opened at $309.09 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $317.35. The stock has a market cap of $1.45 trillion, a PE ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15. The firm has a 50-day moving average of $276.06 and a 200-day moving average of $228.20.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 earnings per share. Broadcom’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company 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 yield of 0.8%. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AVGO shares. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Mizuho boosted their price target on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. Finally, Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $294.92.

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.