Hartford Funds Management Co LLC Has $1.34 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Hartford Funds Management Co LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 24.6% during the fourth quarter, Holdings Channel reports. The firm owned 1,197 shares of the semiconductor manufacturer’s stock after buying an additional 236 shares during the period. Broadcom comprises 0.1% of Hartford Funds Management Co LLC’s holdings, making the stock its 14th biggest holding. Hartford Funds Management Co LLC’s holdings in Broadcom were worth $1,336,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $25,000. PSI Advisors LLC raised its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the last quarter. Macroview Investment Management LLC bought a new position in Broadcom in the 3rd quarter worth approximately $29,000. BKM Wealth Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $29,000. Finally, CKW Financial Group bought a new position in Broadcom in the 4th quarter worth approximately $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Barclays boosted their price objective on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Monday, April 8th. Finally, Susquehanna upped their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Down 2.9 %

NASDAQ AVGO traded down $38.35 on Tuesday, reaching $1,300.27. The company had a trading volume of 2,208,554 shares, compared to its average volume of 2,907,510. The firm has a market capitalization of $602.57 billion, a price-to-earnings ratio of 48.19, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 1-year low of $601.29 and a 1-year high of $1,438.17. The company’s fifty day moving average is $1,310.04 and its 200-day moving average is $1,143.82.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the business earned $9.83 EPS. On average, research analysts forecast that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

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.