K.J. Harrison & Partners Inc Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

K.J. Harrison & Partners Inc acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 500 shares of the semiconductor manufacturer’s stock, valued at approximately $558,000.

Other hedge funds also recently modified their holdings of the company. Pathway Financial Advisors LLC boosted its stake in shares of Broadcom by 11.1% in the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after purchasing an additional 93 shares during the last quarter. RMR Wealth Builders boosted its stake in shares of Broadcom by 6.5% in the 3rd quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock valued at $5,284,000 after purchasing an additional 388 shares during the last quarter. Alpha Omega Wealth Management LLC boosted its stake in Broadcom by 66.6% during the 4th quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer’s stock worth $4,756,000 after acquiring an additional 1,704 shares during the last quarter. CI Investments Inc. boosted its stake in Broadcom by 89.4% during the 3rd quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer’s stock worth $114,221,000 after acquiring an additional 64,912 shares during the last quarter. Finally, NatWest Group plc boosted its stake in Broadcom by 8.2% during the 4th quarter. NatWest Group plc now owns 8,298 shares of the semiconductor manufacturer’s stock worth $9,263,000 after acquiring an additional 631 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on AVGO. Barclays lifted 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 note on Wednesday, April 17th. The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Benchmark restated a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Susquehanna raised their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Finally, TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Price Performance

NASDAQ AVGO traded up $49.65 during trading on Friday, hitting $1,344.07. 2,409,983 shares of the company’s stock were exchanged, compared to its average volume of 2,322,994. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The company has a market cap of $622.87 billion, a PE ratio of 49.82, a P/E/G ratio of 2.63 and a beta of 1.25. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The stock’s 50 day moving average price is $1,306.70 and its two-hundred day moving average price is $1,134.07.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.83 earnings per share. Research analysts expect that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

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.