Oakworth Capital Inc. Acquires 12,571 Shares of Broadcom Inc. (NASDAQ:AVGO)

Oakworth Capital Inc. grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,022.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,800 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,571 shares during the quarter. Oakworth Capital Inc.’s holdings in Broadcom were worth $2,381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Maple Capital Management Inc. lifted its position in Broadcom by 747.6% in the third quarter. Maple Capital Management Inc. now owns 1,763 shares of the semiconductor manufacturer’s stock worth $304,000 after purchasing an additional 1,555 shares during the period. Krane Funds Advisors LLC bought a new position in Broadcom in the third quarter worth $244,000. MPS Loria Financial Planners LLC lifted its position in Broadcom by 1,004.3% in the third quarter. MPS Loria Financial Planners LLC now owns 1,811 shares of the semiconductor manufacturer’s stock worth $312,000 after purchasing an additional 1,647 shares during the period. Foundations Investment Advisors LLC lifted its position in Broadcom by 1,048.9% in the third quarter. Foundations Investment Advisors LLC now owns 25,907 shares of the semiconductor manufacturer’s stock worth $4,469,000 after purchasing an additional 23,652 shares during the period. Finally, Telos Capital Management Inc. lifted its position in Broadcom by 924.9% in the third quarter. Telos Capital Management Inc. now owns 4,110 shares of the semiconductor manufacturer’s stock worth $709,000 after purchasing an additional 3,709 shares during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of analyst reports. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. William Blair initiated coverage on Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, UBS Group cut their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Price Performance

Shares of AVGO opened at $173.51 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 1 year low of $81.83 and a 1 year high of $186.42. The stock has a market cap of $807.67 billion, a P/E ratio of 7.46, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The stock’s 50-day moving average price is $167.93 and its two-hundred day moving average price is $154.14.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

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.