Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 241,151 shares of the semiconductor manufacturer’s stock after selling 41,967 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Broadcom were worth $40,376,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Canton Hathaway LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $253.77 on Tuesday. The stock has a market cap of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. The business’s fifty day moving average is $221.98 and its 200 day moving average is $213.28. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $10.96 earnings per share. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.93%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer now directly owns 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 875,444 shares of company stock valued at $172,097,492. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Mizuho increased their price target on shares of Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Citigroup increased their target price on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Finally, Benchmark increased their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

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.