Harvard Management Co. Inc. Takes $47.36 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Harvard Management Co. Inc. bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel reports. The fund bought 29,500 shares of the semiconductor manufacturer’s stock, valued at approximately $47,363,000. Broadcom accounts for 2.9% of Harvard Management Co. Inc.’s holdings, making the stock its 10th biggest position.

A number of other large investors have also added to or reduced their stakes in AVGO. Vanguard Group Inc. boosted its stake in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the last quarter. Capital International Investors boosted its stake in Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares during the last quarter. Northern Trust Corp boosted its stake in Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after acquiring an additional 170,063 shares during the last quarter. Jennison Associates LLC grew its holdings in Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Finally, GQG Partners LLC increased its position in shares of Broadcom by 48.9% in the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after purchasing an additional 983,328 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ AVGO opened at $167.69 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. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The company has a market cap of $780.58 billion, a PE ratio of 7.21, a PEG ratio of 2.55 and a beta of 1.16. The stock’s 50-day moving average price is $188.15 and its two-hundred day moving average price is $157.03.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. UBS Group decreased their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Mizuho upped their price target on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Bank of America reaffirmed a “buy” rating and issued a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Citigroup reaffirmed a “buy” rating and set a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.23.

Insiders Place Their Bets

In other news, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 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.