Heritage Investors Management Corp Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Heritage Investors Management Corp grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 891.8% in the third quarter, according to its most recent disclosure with the SEC. The fund 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 investment portfolio, making the stock its 3rd biggest holding. Heritage Investors Management Corp’s holdings in Broadcom were worth $104,881,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Arthur M. Cohen & Associates LLC raised its stake in shares of Broadcom by 924.9% in the third quarter. Arthur M. Cohen & Associates LLC now owns 4,120 shares of the semiconductor manufacturer’s stock valued at $690,000 after purchasing an additional 3,718 shares in the last quarter. Hanlon Investment Management Inc. raised its stake in shares of Broadcom by 902.3% in the 3rd quarter. Hanlon Investment Management Inc. now owns 13,381 shares of the semiconductor manufacturer’s stock valued at $2,308,000 after buying an additional 12,046 shares in the last quarter. Pittenger & Anderson Inc. lifted its holdings in shares of Broadcom by 867.8% during the 3rd quarter. Pittenger & Anderson Inc. now owns 61,900 shares of the semiconductor manufacturer’s stock worth $10,678,000 after acquiring an additional 55,504 shares during the period. Geneva Partners LLC raised its position in Broadcom by 896.7% in the third quarter. Geneva Partners LLC now owns 68,007 shares of the semiconductor manufacturer’s stock worth $11,731,000 after purchasing an additional 61,184 shares in the last quarter. Finally, W.H. Cornerstone Investments Inc. bought a new position in Broadcom during the third quarter worth about $213,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $183.64 on Friday. The firm has a market cap of $857.71 billion, a P/E ratio of 159.55, a PEG ratio of 1.99 and a beta of 1.17. The firm’s 50 day moving average price is $170.75 and its two-hundred day moving average price is $157.78. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its 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 for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. William Blair began coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Truist Financial upped their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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 of the company’s stock, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

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.