Harvest Portfolios Group Inc. Has $46.48 Million Stake in Broadcom Inc. $AVGO

Key Points

• Harvest Portfolios Group Inc. increased its stake in Broadcom Inc. by 40.6%, acquiring a total of 277,580 shares worth approximately $46.48 million.
• Broadcom has received multiple analyst upgrades, with some setting price targets as high as $400.00, indicating strong market confidence in the company's future prospects.
• Insider trading reveals significant sales by company executives, with 830,516 shares sold over the last ninety days, highlighting potential profit-taking after recent stock performance.

Harvest Portfolios Group Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 40.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,580 shares of the semiconductor manufacturer's stock after acquiring an additional 80,191 shares during the period. Broadcom makes up 1.4% of Harvest Portfolios Group Inc.'s portfolio, making the stock its 27th biggest holding. Harvest Portfolios Group Inc.'s holdings in Broadcom were worth $46,475,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter worth about $30,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC acquired a new position in Broadcom in the first quarter worth about $25,000. Finally, Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter worth about $26,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of Broadcom from $300.00 to $315.00 and gave the stock an "overweight" rating in a report on Friday. Oppenheimer raised their price objective on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. Rosenblatt Securities raised their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Barclays raised their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $300.96.

Broadcom Trading Up 0.1%

Shares of NASDAQ AVGO opened at $294.23 on Tuesday. The company's fifty day moving average is $283.69 and its 200-day moving average is $232.83. The stock has a market cap of $1.38 trillion, a price-to-earnings ratio of 110.20, a P/E/G ratio of 2.09 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. Broadcom has set its Q3 2025 guidance at EPS. Equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,286,457 over the last ninety days. Company 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.

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