Harvard Management Co. Inc. Makes New $47.36 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Harvard Management Co. Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 29,500 shares of the semiconductor manufacturer’s stock, valued at approximately $47,363,000. Broadcom accounts for 2.9% of Harvard Management Co. Inc.’s holdings, making the stock its 10th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Barry Investment Advisors LLC acquired a new position in shares of Broadcom during the 4th quarter worth about $228,000. Capital International Ltd. CA boosted its holdings in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after purchasing an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV purchased a new position in Broadcom in the fourth quarter valued at approximately $2,238,000. Gryphon Financial Partners LLC raised its holdings in Broadcom by 99.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares in the last quarter. Finally, Steward Partners Investment Solutions LLC purchased a new stake in shares of Broadcom during the 4th quarter worth approximately $2,205,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. TD Cowen increased their target price on shares of Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. lifted their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark reissued a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Citigroup reaffirmed a “buy” rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Wells Fargo & Company increased their price objective on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Trading Up 1.9 %

NASDAQ:AVGO opened at $167.69 on Monday. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $188.15 and a 200-day simple moving average of $157.03. The company has a market capitalization of $780.58 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

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.