Harmony Asset Management LLC Acquires 82 Shares of Broadcom Inc. (NASDAQ:AVGO)

Harmony Asset Management LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 944 shares of the semiconductor manufacturer’s stock after purchasing an additional 82 shares during the period. Harmony Asset Management LLC’s holdings in Broadcom were worth $1,515,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. Estabrook Capital Management increased its position in Broadcom by 900.0% during the 2nd quarter. Estabrook Capital Management now owns 250 shares of the semiconductor manufacturer’s stock worth $401,000 after purchasing an additional 225 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Broadcom by 903.9% during the second quarter. EverSource Wealth Advisors LLC now owns 81,225 shares of the semiconductor manufacturer’s stock worth $130,409,000 after buying an additional 73,134 shares during the last quarter. Fairscale Capital LLC acquired a new position in shares of Broadcom during the second quarter worth $8,140,000. Itau Unibanco Holding S.A. bought a new position in shares of Broadcom in the 2nd quarter valued at $20,742,000. Finally, Deepwater Asset Management LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at $13,914,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. William Blair started coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Oppenheimer dropped their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Finally, The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were 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 directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. 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 Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at approximately $217,594,136.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $171.10 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a fifty day simple moving average of $156.81 and a 200 day simple moving average of $146.91. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a market cap of $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16.

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. The company 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 firm’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. Sell-side analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.24%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 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.