Harvest Fund Management Co. Ltd Purchases 368,821 Shares of Broadcom Inc. (NASDAQ:AVGO)

Harvest Fund Management Co. Ltd lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,154.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 400,759 shares of the semiconductor manufacturer’s stock after purchasing an additional 368,821 shares during the quarter. Broadcom makes up 4.1% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 6th biggest holding. Harvest Fund Management Co. Ltd’s holdings in Broadcom were worth $69,107,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares during the period. Fisher Asset Management LLC grew its position in Broadcom by 938.8% during the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock worth $4,040,430,000 after purchasing an additional 21,168,095 shares during the last quarter. Swedbank AB increased its stake in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Finally, Swiss National Bank boosted its stake in shares of Broadcom by 907.0% during the third quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after buying an additional 11,822,467 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.0 %

Shares of NASDAQ AVGO opened at $164.74 on Wednesday. The firm’s 50-day moving average is $173.76 and its two-hundred day moving average is $161.09. The company has a market capitalization of $769.43 billion, a PE ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.29%. Broadcom’s payout ratio is presently 184.19%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVGO shares. Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Mizuho upped their price target on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley upped their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

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.