Hartford Financial Management Inc. Purchases 11,887 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hartford Financial Management Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 823.8% in the 3rd quarter, Holdings Channel reports. The firm owned 13,330 shares of the semiconductor manufacturer’s stock after buying an additional 11,887 shares during the quarter. Hartford Financial Management Inc.’s holdings in Broadcom were worth $2,299,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Castleview Partners LLC raised its stake in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares in the last quarter. Tsfg LLC raised its stake in shares of Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after acquiring an additional 204 shares in the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Broadcom during the third quarter valued at approximately $42,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Broadcom during the third quarter valued at approximately $45,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AVGO shares. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Truist Financial lifted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. UBS Group reduced their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $191.54.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $168.92 on Monday. The firm has a market capitalization of $788.95 billion, a PE ratio of 146.76, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. 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 Inc. has a 1-year low of $86.00 and a 1-year high of $186.42. The company’s fifty day moving average price is $168.94 and its 200-day moving average price is $156.03.

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

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.26%. Broadcom’s payout ratio is currently 184.19%.

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.