Harvest Fund Management Co. Ltd Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Harvest Fund Management Co. Ltd lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,373 shares of the semiconductor manufacturer's stock after purchasing an additional 1,084 shares during the quarter. Broadcom accounts for about 1.6% of Harvest Fund Management Co. Ltd's investment portfolio, making the stock its 17th biggest holding. Harvest Fund Management Co. Ltd's holdings in Broadcom were worth $10,424,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Pathway Financial Advisors LLC raised its stake in shares of Broadcom by 11.1% in the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer's stock worth $1,041,000 after purchasing an additional 93 shares during the last quarter. RMR Wealth Builders lifted its holdings in Broadcom by 6.5% in the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer's stock valued at $5,284,000 after acquiring an additional 388 shares during the period. Czech National Bank lifted its holdings in Broadcom by 46.1% in the third quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer's stock valued at $59,909,000 after acquiring an additional 22,774 shares during the period. Alpha Omega Wealth Management LLC lifted its holdings in Broadcom by 66.6% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer's stock valued at $4,756,000 after acquiring an additional 1,704 shares during the period. Finally, CI Investments Inc. lifted its holdings in Broadcom by 89.4% in the third quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer's stock valued at $114,221,000 after acquiring an additional 64,912 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reissued an "overweight" rating and issued a $1,700.00 target price on shares of Broadcom in a report on Thursday, March 21st. Cantor Fitzgerald increased their target price on Broadcom from $1,300.00 to $1,600.00 and gave the company an "overweight" rating in a report on Monday, March 4th. Rosenblatt Securities reissued a "buy" rating and issued a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Benchmark reissued a "buy" rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $1,325.00 price target on shares of Broadcom in a research report on Friday, January 19th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and an average price target of $1,285.41.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 110 shares of the firm's stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Hock E. Tan sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the sale, the chief executive officer now directly owns 168,096 shares of the company's stock, valued at approximately $220,583,976. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 110 shares of the firm's stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the sale, the director now directly owns 3,125 shares of the company's stock, valued at $4,134,375. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock worth $40,306,667 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $24.73 during trading on Tuesday, hitting $1,249.19. 2,198,693 shares of the company's stock were exchanged, compared to its average volume of 2,952,703. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The business's 50-day simple moving average is $1,304.25 and its 200 day simple moving average is $1,128.64. The company has a market cap of $578.90 billion, a price-to-earnings ratio of 46.30, a PEG ratio of 2.46 and a beta of 1.25.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion during the quarter, compared to analysts' expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm's revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter last year, the business posted $9.83 EPS. As a group, equities analysts predict that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom's dividend payout ratio is presently 77.84%.

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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