Broadcom Inc. $AVGO is Hartford Investment Management Co.'s 6th Largest Position

Key Points

• Hartford Investment Management trimmed its Broadcom stake by 1.0% in the fourth quarter, but AVGO remained its 6th-largest holding, worth about $94.4 million.
• Broadcom continues to draw bullish analyst sentiment, with multiple firms raising price targets; the consensus rating is Moderate Buy and the average target is about $441.63.
• The company posted strong results, with Q1 earnings and revenue beating estimates and revenue rising 29.5% year over year; Broadcom also pays a quarterly dividend of $0.65 per share.

Hartford Investment Management Co. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,796 shares of the semiconductor manufacturer's stock after selling 2,785 shares during the quarter. Broadcom accounts for about 2.8% of Hartford Investment Management Co.'s investment portfolio, making the stock its 6th biggest holding. Hartford Investment Management Co.'s holdings in Broadcom were worth $94,415,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVGO. Brighton Jones LLC raised its stake in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares during the last quarter. United Bank raised its stake in shares of Broadcom by 76.5% in the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock worth $392,000 after purchasing an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of Broadcom by 10.1% in the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC raised its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. Truist Financial boosted their price target on Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Benchmark reiterated a "buy" rating and set a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. TD Cowen reiterated a "buy" rating and set a $500.00 price objective (up from $405.00) on shares of Broadcom in a research report on Friday. Rosenblatt Securities reiterated a "buy" rating and set a $500.00 price objective on shares of Broadcom in a research report on Tuesday, April 7th. Finally, Mizuho reiterated an "outperform" rating and set a $480.00 price objective on shares of Broadcom in a research report on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $441.63.

Broadcom Stock Performance

Shares of AVGO opened at $425.19 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The business has a 50-day simple moving average of $365.61 and a two-hundred day simple moving average of $354.56. The stock has a market cap of $2.01 trillion, a price-to-earnings ratio of 83.05, a PEG ratio of 0.88 and a beta of 1.43. Broadcom Inc. has a 52 week low of $221.60 and a 52 week high of $442.36.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.02. The business had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.60 earnings per share. On average, analysts expect that Broadcom Inc. will post 9.95 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were given a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's dividend payout ratio is presently 50.78%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom remains a favored way to play AI infrastructure, with multiple recent articles highlighting its growing exposure to custom AI silicon, data-center networking, and AI semiconductor revenue. Citi also raised its price target to $500, reinforcing optimism ahead of the next earnings report.
• Positive Sentiment: Wells Fargo lifted its price target to $545 and said AI semiconductor revenue is running 30% to 40% above expectations, suggesting Broadcom may still be benefiting from stronger-than-expected hyperscaler spending.
• Positive Sentiment: Recent investor interest has also been supportive, with hedge fund and prominent manager buying cited in several notes, alongside Broadcom being named among top tech stocks to own as AI optimism continues to drive the market.
• Neutral Sentiment: Broadcom was also mentioned in a broader AI rotation piece that argues the next leg of the rally may be in AI bottlenecks such as optics, networking, and memory rather than only the most obvious chip winners. Broadcom was specifically named as one of the companies positioned to benefit from optical interconnect demand.
• Negative Sentiment: UBS warned that AI stocks, including Broadcom, are increasingly crowded trades, raising the risk of a pullback if enthusiasm cools or if investors rotate out of mega-cap semiconductors.
• Negative Sentiment: Some commentary also suggests the AI chip rally may be masking broader market weakness, which can make even strong names like Broadcom vulnerable to profit-taking after a powerful advance.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total value of $3,452,300.00. Following the completion of the sale, the insider owned 787,184 shares in the company, valued at $271,759,532.32. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of the company's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $358.31, for a total value of $358,310.00. Following the completion of the sale, the director owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. The trade was a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 324,282 shares of company stock valued at $106,425,249. 1.90% of the stock is currently owned by corporate insiders.

Broadcom Profile

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.

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