Oppenheimer & Co. Inc. Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Oppenheimer & Co. Inc. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 900.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 326,678 shares of the semiconductor manufacturer's stock after buying an additional 294,032 shares during the period. Broadcom makes up approximately 0.9% of Oppenheimer & Co. Inc.'s portfolio, making the stock its 15th largest position. Oppenheimer & Co. Inc.'s holdings in Broadcom were worth $56,352,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AVGO. Castleview Partners LLC increased its position in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 134 shares during the last quarter. Delta Asset Management LLC TN boosted its position in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 17 shares during the period. Tsfg LLC increased its holdings in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in Broadcom in the 3rd quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC purchased a new stake in Broadcom in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 3.62 % 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 company insiders.

Broadcom Stock Down 3.3 %

Broadcom stock traded down $5.54 during mid-day trading on Friday, hitting $164.84. The company had a trading volume of 20,836,160 shares, compared to its average volume of 17,858,028. The stock has a market cap of $769.90 billion, a price-to-earnings ratio of 143.21, a PEG ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The business has a fifty day moving average of $172.84 and a 200 day moving average of $159.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the business earned $0.95 EPS. Broadcom's revenue for the quarter was up 47.3% compared to the same quarter last year. On average, sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. 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%. The ex-dividend date was Thursday, September 19th. Broadcom's payout ratio is presently 184.19%.

Wall Street Analyst Weigh In

Several research firms have recently commented on AVGO. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. TD Cowen raised Broadcom to a "strong-buy" rating in a research report on Monday, September 16th. StockNews.com cut shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. Benchmark reissued a "buy" rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. upped 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. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $192.79.

About Broadcom

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.