Oppenheimer & Co. Inc. Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Oppenheimer & Co. Inc. raised its position in Broadcom Inc. (NASDAQ:AVGO) by 900.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 326,678 shares of the semiconductor manufacturer’s stock after buying an additional 294,032 shares during the period. Broadcom comprises about 0.9% of Oppenheimer & Co. Inc.’s portfolio, making the stock its 15th largest holding. Oppenheimer & Co. Inc.’s holdings in Broadcom were worth $56,352,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Hillsdale Investment Management Inc. raised its position in shares of Broadcom by 35.5% in the first quarter. Hillsdale Investment Management Inc. now owns 420 shares of the semiconductor manufacturer’s stock valued at $557,000 after buying an additional 110 shares during the last quarter. Alley Investment Management Company LLC purchased a new stake in Broadcom during the 1st quarter valued at about $272,000. Resurgent Financial Advisors LLC raised its holdings in Broadcom by 14.2% in the 1st quarter. Resurgent Financial Advisors LLC now owns 514 shares of the semiconductor manufacturer’s stock valued at $681,000 after acquiring an additional 64 shares during the last quarter. Trustmark National Bank Trust Department lifted its stake in Broadcom by 3.4% in the 1st quarter. Trustmark National Bank Trust Department now owns 3,188 shares of the semiconductor manufacturer’s stock worth $4,225,000 after purchasing an additional 104 shares in the last quarter. Finally, PAX Financial Group LLC boosted its holdings in shares of Broadcom by 16.8% during the 1st quarter. PAX Financial Group LLC now owns 230 shares of the semiconductor manufacturer’s stock worth $305,000 after purchasing an additional 33 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO opened at $164.84 on Friday. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42. The company has a fifty day simple moving average of $172.84 and a two-hundred day simple moving average of $159.35. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market cap of $769.90 billion, a price-to-earnings ratio of 143.34, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17.

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

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 184.35%.

Wall Street Analyst Weigh In

Several research firms recently commented on AVGO. William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Truist Financial boosted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $192.79.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction 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. The trade was a 3.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. 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.