Nicola Wealth Management LTD. Invests $18.80 Million in Broadcom Inc. (NASDAQ:AVGO)

Nicola Wealth Management LTD. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 109,000 shares of the semiconductor manufacturer’s stock, valued at approximately $18,802,000. Broadcom makes up about 1.7% of Nicola Wealth Management LTD.’s holdings, making the stock its 24th largest position.

A number of other institutional investors also recently modified their holdings of the business. MeadowBrook Investment Advisors LLC raised its holdings in shares of Broadcom by 1,358.5% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 3,340 shares of the semiconductor manufacturer’s stock worth $576,000 after buying an additional 3,111 shares in the last quarter. Lifeworks Advisors LLC raised its holdings in shares of Broadcom by 1,174.7% during the 3rd quarter. Lifeworks Advisors LLC now owns 20,828 shares of the semiconductor manufacturer’s stock worth $3,593,000 after buying an additional 19,194 shares in the last quarter. Intelligence Driven Advisers LLC raised its holdings in shares of Broadcom by 563.6% during the 3rd quarter. Intelligence Driven Advisers LLC now owns 4,652 shares of the semiconductor manufacturer’s stock worth $802,000 after buying an additional 3,951 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Broadcom by 966.5% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 122,209 shares of the semiconductor manufacturer’s stock worth $21,081,000 after buying an additional 110,750 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. grew its position in Broadcom by 888.0% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 821,716 shares of the semiconductor manufacturer’s stock worth $141,746,000 after acquiring an additional 738,543 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. William Blair began coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. UBS Group boosted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Truist Financial boosted their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.79.

Broadcom Stock Down 3.3 %

AVGO stock opened at $164.84 on Monday. The stock’s 50 day simple moving average is $172.84 and its 200 day simple moving average is $159.35. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market cap of $769.90 billion, a P/E ratio of 143.21, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is 184.19%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by insiders.

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.