Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Harvest Investment Advisors LLC

Key Points

• Harvest Investment Advisors LLC significantly reduced its stake in Broadcom Inc. by 80.7%, bringing their holdings down to 3,346 shares worth approximately $560,000.
• Several hedge funds have increased their investments in Broadcom, with True Wealth Design LLC up by 7.2% and Fulton Breakefield Broenniman LLC increasing by 2.4%.
• Broadcom's latest earnings report revealed a net margin of 22.64% and a revenue increase of 20.2% year-over-year, demonstrating strong financial performance amidst a competitive landscape.

Harvest Investment Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 80.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,346 shares of the semiconductor manufacturer's stock after selling 13,982 shares during the period. Harvest Investment Advisors LLC's holdings in Broadcom were worth $560,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE increased its holdings in Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after acquiring an additional 322 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Broadcom in the 4th quarter valued at $602,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

AVGO traded up $8.93 on Tuesday, reaching $312.83. The stock had a trading volume of 17,557,896 shares, compared to its average volume of 26,383,006. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $313.44. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business's 50-day moving average price is $273.98 and its two-hundred day moving average price is $227.04. The company has a market cap of $1.47 trillion, a P/E ratio of 117.16, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of "Buy" and a consensus target price of $294.92.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. Corporate 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.