Heritage Investment Group Inc. Purchases 5,498 Shares of Broadcom Inc. (NASDAQ:AVGO)

Heritage Investment Group Inc. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3,178.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,671 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,498 shares during the quarter. Heritage Investment Group Inc.’s holdings in Broadcom were worth $978,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Castleview Partners LLC raised its position in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares during the last quarter. Tsfg LLC raised its position in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Broadcom during the third quarter worth $42,000. Highline Wealth Partners LLC bought a new stake in shares of Broadcom during the third quarter worth $45,000. Finally, AlphaCentric Advisors LLC raised its position in shares of Broadcom by 859.3% during the third quarter. AlphaCentric Advisors LLC now owns 259 shares of the semiconductor manufacturer’s stock worth $45,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.5 %

AVGO stock opened at $165.67 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $773.77 billion, a P/E ratio of 143.94, a P/E/G ratio of 1.94 and a beta of 1.17. The business has a 50-day moving average of $173.34 and a 200-day moving average of $159.57. Broadcom Inc. has a fifty-two week low of $90.31 and a fifty-two week high of $186.42.

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, topping 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 analyst estimates of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 184.19%.

Analyst Ratings Changes

A number of brokerages recently commented on AVGO. Benchmark reaffirmed a “buy” rating and set a $210.00 price objective on shares of Broadcom 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. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Truist Financial lifted their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom 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.