Harvard Management Co. Inc. Sells 53,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Harvard Management Co. Inc. reduced its stake in Broadcom Inc. by 14.1%, holding 321,700 shares valued at approximately $53.86 million as of its latest SEC filing.
• Broadcom reported a quarterly EPS of $1.58, slightly exceeding analysts' expectations, with a 20.2% increase in revenue year-over-year, totaling $15 billion.
• Insider transactions included significant sales by CEO Hock E. Tan and Mark David Brazeal, indicating a decrease in insider ownership by around 10% following these sales.

Harvard Management Co. Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 321,700 shares of the semiconductor manufacturer's stock after selling 53,000 shares during the quarter. Broadcom comprises approximately 4.8% of Harvard Management Co. Inc.'s investment portfolio, making the stock its 9th largest holding. Harvard Management Co. Inc.'s holdings in Broadcom were worth $53,862,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Broadcom by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock valued at $79,900,968,000 after buying an additional 2,085,534 shares in the last quarter. Northern Trust Corp lifted its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Broadcom by 1.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock valued at $7,975,616,000 after purchasing an additional 581,704 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after acquiring an additional 4,550,647 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $2.09 during mid-day trading on Thursday, hitting $303.76. 16,280,889 shares of the company were exchanged, compared to its average volume of 17,130,764. 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 stock has a 50 day simple moving average of $271.57 and a 200-day simple moving average of $226.37. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $310.34. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 113.77, a price-to-earnings-growth ratio of 2.15 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.96 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. KeyCorp boosted their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average target price of $294.92.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% 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 in the last three months. Insiders own 2.00% of the company's stock.

Broadcom Company 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.