Hartford Funds Management Co LLC Buys 622 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hartford Funds Management Co LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,638 shares of the semiconductor manufacturer’s stock after buying an additional 622 shares during the period. Broadcom makes up 0.2% of Hartford Funds Management Co LLC’s portfolio, making the stock its 19th biggest position. Hartford Funds Management Co LLC’s holdings in Broadcom were worth $1,771,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. Wealth Group Ltd. boosted its holdings in Broadcom by 900.0% during the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock worth $304,000 after buying an additional 1,584 shares during the last quarter. Swedbank AB raised its position in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Howard Capital Management Group LLC raised its position in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the period. Pettinga Financial Advisors LLC raised its position in shares of Broadcom by 896.9% during the third quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock worth $502,000 after purchasing an additional 2,619 shares during the period. Finally, RWQ Financial Management Services Inc. raised its position in shares of Broadcom by 2,462.3% during the third quarter. RWQ Financial Management Services Inc. now owns 10,403 shares of the semiconductor manufacturer’s stock worth $1,795,000 after purchasing an additional 9,997 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVGO shares. Deutsche Bank Aktiengesellschaft raised their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Jefferies Financial Group raised their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price target on shares of Broadcom in a research report on Wednesday, December 11th. Finally, Morgan Stanley dropped their price target on Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Transactions at Broadcom

In other news, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 6.3 %

AVGO stock opened at $179.45 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average price of $223.22 and a two-hundred day moving average price of $192.55. The company has a market cap of $841.15 billion, a price-to-earnings ratio of 146.37, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the previous year, the company posted $0.98 EPS. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. Broadcom’s dividend payout ratio is currently 191.87%.

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.