Heritage Investors Management Corp Acquires 546,702 Shares of Broadcom Inc. (NASDAQ:AVGO)

Heritage Investors Management Corp increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 891.8% in the third quarter, Holdings Channel reports. The institutional investor owned 608,004 shares of the semiconductor manufacturer’s stock after buying an additional 546,702 shares during the period. Broadcom makes up 3.5% of Heritage Investors Management Corp’s holdings, making the stock its 3rd largest holding. Heritage Investors Management Corp’s holdings in Broadcom were worth $104,881,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Lion Street Advisors LLC grew its holdings in Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares during the last quarter. O Dell Group LLC grew its stake in shares of Broadcom by 2.3% in the first quarter. O Dell Group LLC now owns 356 shares of the semiconductor manufacturer’s stock worth $472,000 after purchasing an additional 8 shares during the last quarter. Hudson Value Partners LLC increased its holdings in Broadcom by 2.7% during the 1st quarter. Hudson Value Partners LLC now owns 308 shares of the semiconductor manufacturer’s stock valued at $408,000 after purchasing an additional 8 shares during the period. Renasant Bank raised its position in Broadcom by 1.0% during the 1st quarter. Renasant Bank now owns 785 shares of the semiconductor manufacturer’s stock valued at $1,040,000 after purchasing an additional 8 shares during the last quarter. Finally, Optimum Investment Advisors lifted its holdings in Broadcom by 0.6% in the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after buying an additional 8 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Truist Financial lifted their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two research 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Stock Performance

Shares of AVGO opened at $183.64 on Friday. The firm has a market capitalization of $857.71 billion, a P/E ratio of 159.55, a PEG ratio of 1.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The business has a fifty day moving average of $170.75 and a 200 day moving average of $157.78.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the company posted $0.95 EPS. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.15%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’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 transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. 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. 2.00% of the stock is currently owned by insiders.

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.