Nippon Life Global Investors Americas Inc. Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Nippon Life Global Investors Americas Inc. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 16,350 shares of the semiconductor manufacturer’s stock, valued at approximately $10,880,000.

A number of other large investors have also modified their holdings of AVGO. Eagle Capital Management LLC boosted its position in Broadcom by 0.7% during the second quarter. Eagle Capital Management LLC now owns 10,602 shares of the semiconductor manufacturer’s stock worth $5,055,000 after purchasing an additional 74 shares during the period. Keudell Morrison Wealth Management lifted its holdings in shares of Broadcom by 21.4% in the third quarter. Keudell Morrison Wealth Management now owns 948 shares of the semiconductor manufacturer’s stock worth $460,000 after buying an additional 167 shares in the last quarter. CX Institutional lifted its holdings in shares of Broadcom by 3.8% in the third quarter. CX Institutional now owns 604 shares of the semiconductor manufacturer’s stock worth $293,000 after buying an additional 22 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Broadcom by 13.3% in the third quarter. Mercer Global Advisors Inc. ADV now owns 21,765 shares of the semiconductor manufacturer’s stock worth $10,554,000 after buying an additional 2,550 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Broadcom by 147.8% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 5,782 shares of the semiconductor manufacturer’s stock worth $2,803,000 after buying an additional 3,449 shares in the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley lowered their target price on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating on the stock in a research note on Friday, March 4th. KeyCorp lifted their price target on shares of Broadcom from $710.00 to $720.00 and gave the company an “overweight” rating in a report on Friday, March 4th. Truist Financial cut their price target on shares of Broadcom from $686.00 to $657.00 and set a “buy” rating on the stock in a report on Friday, April 8th. The Goldman Sachs Group lowered their price target on Broadcom from $704.00 to $665.00 and set a “buy” rating for the company in a research report on Friday, March 4th. Finally, Susquehanna Bancshares restated a “buy” rating and set a $680.00 price target on shares of Broadcom in a research note on Tuesday, March 1st. Five investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $672.48.

In related news, CFO Kirsten M. Spears sold 3,000 shares of the firm’s stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $625.86, for a total transaction of $1,877,580.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Charlie B. Kawwas sold 2,520 shares of the firm’s stock in a transaction dated Thursday, March 24th. The stock was sold at an average price of $619.89, for a total value of $1,562,122.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,273 shares of company stock valued at $18,818,718. Company insiders own 2.30% of the company’s stock.

AVGO stock traded down $3.02 during trading on Friday, reaching $543.19. 4,025,138 shares of the company traded hands, compared to its average volume of 2,562,898. Broadcom Inc. has a 12 month low of $449.34 and a 12 month high of $677.76. The business has a 50 day simple moving average of $592.91 and a 200 day simple moving average of $591.89. The company has a market capitalization of $221.77 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 1.09 and a beta of 1.04. The company has a debt-to-equity ratio of 1.71, a quick ratio of 2.20 and a current ratio of 2.44.

Broadcom (NASDAQ:AVGO – Get Rating) last released its quarterly earnings results on Thursday, March 3rd. The semiconductor manufacturer reported $8.39 EPS for the quarter, beating analysts’ consensus estimates of $8.08 by $0.31. Broadcom had a return on equity of 50.20% and a net margin of 27.47%. The company had revenue of $7.71 billion during the quarter, compared to analysts’ expectations of $7.61 billion. During the same period last year, the business posted $5.78 earnings per share. The firm’s revenue was up 15.8% compared to the same quarter last year. As a group, research analysts forecast that Broadcom Inc. will post 32.08 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 22nd were paid a $4.10 dividend. This represents a $16.40 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Monday, March 21st. Broadcom’s payout ratio is 93.50%.

Broadcom Profile (Get Rating)

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.

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