Oppenheimer & Co. Inc. Sells 4,631 Shares of Broadcom Inc. (NASDAQ:AVGO)

Oppenheimer & Co. Inc. decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 321,419 shares of the semiconductor manufacturer's stock after selling 4,631 shares during the period. Broadcom accounts for 0.8% of Oppenheimer & Co. Inc.'s portfolio, making the stock its 16th largest position. Oppenheimer & Co. Inc.'s holdings in Broadcom were worth $53,815,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in AVGO. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at about $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at about $30,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AVGO shares. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Citigroup raised their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $276.09.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were 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 owns 465,956 shares of the company's stock, 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. In the last three months, insiders sold 875,444 shares of company stock worth $172,097,492. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 1.5%

NASDAQ:AVGO opened at $253.77 on Tuesday. The firm has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 95.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock's 50 day moving average price is $221.98 and its two-hundred day moving average price is $213.28. 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 - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its board has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.

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