Oppenheimer Asset Management Inc. Takes Position in Broadcom Inc. $AVGO

Oppenheimer Asset Management Inc. purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel reports. The fund purchased 314,681 shares of the semiconductor manufacturer’s stock, valued at approximately $118,871,000. Broadcom comprises about 1.2% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 11th largest position.

A number of other large investors have also modified their holdings of AVGO. Brighton Jones LLC boosted its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares during the period. Revolve Wealth Partners LLC increased its holdings in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares during the period. United Bank increased its holdings in shares of Broadcom by 76.5% during the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock valued at $392,000 after purchasing an additional 1,014 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer’s stock valued at $3,499,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC lifted its holdings in Broadcom by 10.5% in the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer’s stock worth $1,098,000 after purchasing an additional 378 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, Director Harry L. You bought 1,000 shares of Broadcom stock in a transaction dated Thursday, June 11th. The stock was bought at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the acquisition, the director directly owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the sale, the insider directly owned 194,989 shares of the company’s stock, valued at approximately $78,254,935.37. This trade represents a 11.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 61,644 shares of company stock valued at $24,016,214. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AVGO shares. Oppenheimer reissued an “outperform” rating and set a $535.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. Truist Financial upped their price target on shares of Broadcom from $545.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on shares of Broadcom and gave the company an “overweight” rating in a report on Thursday, June 4th. Mizuho raised their price objective on shares of Broadcom from $480.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th. Finally, Royal Bank Of Canada boosted their target price on Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, June 4th. Twenty-nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $491.97.

Broadcom Price Performance

NASDAQ AVGO opened at $358.76 on Tuesday. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 1 year low of $287.17 and a 1 year high of $495.00. The company has a market cap of $1.71 trillion, a PE ratio of 59.79, a PEG ratio of 0.70 and a beta of 1.45. The stock’s 50-day moving average price is $387.86 and its two-hundred day moving average price is $375.37.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the company posted $1.58 earnings per share. On average, analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is currently 43.33%.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s prior experience losing a major customer offers some reassurance: after Apple reportedly planned to drop a key chip in 2023, Broadcom’s revenue nearly doubled over the following two fiscal years. This history may temper concerns that the company’s business would deteriorate quickly if a hyperscaler develops more of its own silicon. Broadcom Has Seen Its Biggest Customer Drop a Key Chip Before. History Says What the Stock Did Next.
• Neutral Sentiment: Broadcom and Marvell remain major suppliers in the custom AI-chip market, with demand from hyperscalers supporting the long-term opportunity. However, investors are focused on which company can deliver better performance at lower cost. Broadcom vs. Marvell Technology: 1 Critical Metric Decides the Better Custom AI Chip Stock
• Negative Sentiment: Broadcom’s planned roughly $60 billion AI financing arrangement is raising balance-sheet and credit concerns. Critics argue that funding customer deployments through structures that keep debt off Broadcom’s books could still leave the company exposed to customer concentration, repayment and demand risks. AVGO stock slips nearly 3% — Broadcom’s AI spending is pushing credit risks higher
• Negative Sentiment: Analysts and commentators question whether Broadcom can achieve its ambitious $100 billion AI-revenue target, particularly as the stock’s valuation leaves less room for execution mistakes. Broadcom: $100 Billion In AI Revenue Is A Lot To Ask
• Negative Sentiment: Marvell’s expanded custom-chip agreement with Google has intensified fears that Broadcom could lose share or pricing power in the hyperscaler market. The competitive threat has contributed to a decline in AVGO shares and increased scrutiny of upcoming AI guidance. Marvell Takes a Shot at Broadcom’s Throne With Google Deal
• Negative Sentiment: Semiconductor stocks broadly sold off ahead of NVIDIA’s results, with chip ETFs and peers such as Intel, AMD and Taiwan Semiconductor also weakening. This sector-wide de-risking is adding to AVGO-specific selling pressure. Semiconductor Stocks Slide Ahead of NVIDIA Earnings

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.