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

Oppenheimer & Co. Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 326,050 shares of the semiconductor manufacturer’s stock after selling 628 shares during the period. Broadcom comprises about 1.1% of Oppenheimer & Co. Inc.’s portfolio, making the stock its 11th largest holding. Oppenheimer & Co. Inc.’s holdings in Broadcom were worth $75,591,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of AVGO. WT Wealth Management purchased a new stake in shares of Broadcom during the 4th quarter worth about $236,000. Kovack Advisors Inc. boosted its stake in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after acquiring an additional 2,570 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Broadcom by 2.2% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,757,800 shares of the semiconductor manufacturer’s stock worth $407,528,000 after acquiring an additional 37,700 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd boosted its stake in shares of Broadcom by 245.8% during the 4th quarter. Central Asset Investments & Management Holdings HK Ltd now owns 4,150 shares of the semiconductor manufacturer’s stock worth $962,000 after acquiring an additional 2,950 shares in the last quarter. Finally, Crystal Rock Capital Management purchased a new stake in shares of Broadcom during the 4th quarter worth about $696,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AVGO shares. UBS Group upped their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Susquehanna upped their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Evercore ISI boosted their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Truist Financial raised their price target on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Mizuho boosted their price objective on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Price Performance

Broadcom stock opened at $199.29 on Friday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The stock has a market cap of $934.16 billion, a P/E ratio of 162.56, a PEG ratio of 2.29 and a beta of 1.02. The company has a 50-day moving average price of $227.44 and a 200 day moving average price of $191.86. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.18%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 191.87%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the transaction, the chief financial officer now directly owns 325,443 shares in the company, valued at $74,728,221.66. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,278 shares of company stock worth $44,964,800. Company insiders own 2.00% of the company’s stock.

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.