Oppenheimer & Co. Inc. Buys 294,032 Shares of Broadcom Inc. (NASDAQ:AVGO)

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

Several other institutional investors also recently bought and sold shares of AVGO. Castleview Partners LLC lifted its position in shares of Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares during the period. Delta Asset Management LLC TN raised its stake in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares in the last quarter. Tsfg LLC lifted its holdings in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares during the period. Krane Funds Advisors LLC bought a new stake in Broadcom during the 3rd quarter valued at $42,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Broadcom in the 3rd quarter valued at $45,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Truist Financial raised their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Trading Down 3.3 %

NASDAQ AVGO opened at $164.84 on Friday. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $769.90 billion, a PE ratio of 143.34, a P/E/G ratio of 2.04 and a beta of 1.17. The company has a fifty day moving average of $172.84 and a 200 day moving average of $159.35.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business 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%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insider Activity

In other news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. 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 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Company 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.