Hartford Funds Management Co LLC Purchases 1,869 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hartford Funds Management Co LLC increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,507 shares of the semiconductor manufacturer's stock after acquiring an additional 1,869 shares during the period. Broadcom comprises about 0.1% of Hartford Funds Management Co LLC's investment portfolio, making the stock its 22nd biggest holding. Hartford Funds Management Co LLC's holdings in Broadcom were worth $1,592,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its holdings in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Broadcom by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock worth $6,236,011,000 after purchasing an additional 5,783,988 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. The trade was a 3.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $286.64 on Tuesday. The company's fifty day simple moving average is $254.41 and its 200-day simple moving average is $220.17. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.35 trillion, a PE ratio of 107.94, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $290.54.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 earnings per share. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.82%. Broadcom's dividend payout ratio is 88.39%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AVGO shares. Morgan Stanley raised their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $292.08.

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.

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