OFI Invest Asset Management Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

OFI Invest Asset Management purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 500,782 shares of the semiconductor manufacturer's stock, valued at approximately $112,134,000. Broadcom makes up 2.6% of OFI Invest Asset Management's holdings, making the stock its 5th largest holding.

A number of other institutional investors have also modified their holdings of the company. Coordinated Financial Services Inc. acquired a new stake in Broadcom in the 4th quarter worth approximately $982,000. United Community Bank boosted its stake in Broadcom by 4.0% in the 4th quarter. United Community Bank now owns 5,425 shares of the semiconductor manufacturer's stock worth $1,258,000 after purchasing an additional 210 shares in the last quarter. Permanent Capital Management LP acquired a new stake in Broadcom in the 4th quarter worth approximately $543,000. Naviter Wealth LLC boosted its stake in Broadcom by 55.8% in the 4th quarter. Naviter Wealth LLC now owns 40,971 shares of the semiconductor manufacturer's stock worth $9,499,000 after purchasing an additional 14,681 shares in the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $26,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company's stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the transaction, the insider now directly owns 321,660 shares of the company's stock, valued at approximately $76,809,191.40. The trade was a 5.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

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Analyst Upgrades and Downgrades

AVGO has been the subject of a number of recent analyst reports. Piper Sandler lifted their target price on shares of Broadcom from $200.00 to $250.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Citigroup lifted their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Evercore ISI lifted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday. Finally, Bank of America lifted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $231.48.

Broadcom Stock Performance

NASDAQ:AVGO traded up $15.51 during midday trading on Friday, reaching $194.96. 74,457,084 shares of the company traded hands, compared to its average volume of 29,443,255. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a market capitalization of $913.85 billion, a price-to-earnings ratio of 159.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a fifty day moving average price of $222.28 and a 200 day moving average price of $193.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. The business's revenue for the quarter was up 51.2% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.21%. Broadcom's dividend payout ratio is currently 191.87%.

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.