Hartford Funds Management Co LLC Buys 6,341 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hartford Funds Management Co LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 939.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,016 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,341 shares during the period. Broadcom comprises about 0.1% of Hartford Funds Management Co LLC’s portfolio, making the stock its 27th biggest holding. Hartford Funds Management Co LLC’s holdings in Broadcom were worth $1,210,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Jennison Associates LLC raised its position in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Charles Schwab Investment Management Inc. raised its holdings 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 valued at $5,519,591,000 after acquiring an additional 28,985,434 shares during the period. Swedbank AB lifted its position in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Broadcom by 907.0% in the third quarter. Swiss National Bank now owns 13,125,930 shares of the semiconductor manufacturer’s stock worth $2,264,223,000 after acquiring an additional 11,822,467 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Broadcom by 917.8% in the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock valued at $2,203,837,000 after purchasing an additional 11,453,554 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.74 on Wednesday. The company has a 50-day simple moving average of $173.76 and a two-hundred day simple moving average of $161.09. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market cap of $769.43 billion, a price-to-earnings ratio of 143.13, a PEG ratio of 1.93 and a beta of 1.17. 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 issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 EPS. On average, equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current 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 represents a $2.12 annualized dividend and a dividend yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at $70,744,366. The trade was a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value 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. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last three months. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial increased their price objective on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price 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.