Harrell Investment Partners LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Harrell Investment Partners LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 838.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 97,023 shares of the semiconductor manufacturer’s stock after acquiring an additional 86,688 shares during the period. Broadcom accounts for 4.7% of Harrell Investment Partners LLC’s portfolio, making the stock its 2nd largest position. Harrell Investment Partners LLC’s holdings in Broadcom were worth $16,736,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Scarborough Advisors LLC acquired a new stake in Broadcom in the fourth quarter worth $73,000. Creekmur Asset Management LLC acquired a new stake in Broadcom during the 4th quarter worth $43,000. Richardson Financial Services Inc. bought a new position in Broadcom during the fourth quarter worth about $67,000. ST Germain D J Co. Inc. lifted its holdings in Broadcom by 11.4% during the first quarter. ST Germain D J Co. Inc. now owns 166 shares of the semiconductor manufacturer’s stock worth $220,000 after acquiring an additional 17 shares in the last quarter. Finally, Trust Co. of Toledo NA OH grew its stake in Broadcom by 2.5% in the first quarter. Trust Co. of Toledo NA OH now owns 1,551 shares of the semiconductor manufacturer’s stock valued at $2,056,000 after acquiring an additional 38 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 295,130 shares of company stock valued at $50,646,622. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on AVGO. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Oppenheimer reduced their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. UBS Group dropped their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday, September 9th. Finally, Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $182.31 on Tuesday. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $186.42. The company has a market cap of $848.63 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The business’s 50 day moving average price is $163.72 and its two-hundred day moving average price is $151.97. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the firm earned $0.95 EPS. The firm’s revenue was up 47.3% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Broadcom Company 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.