Harvard Management Co. Inc. Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Harvard Management Co. Inc. lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 27.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 374,700 shares of the semiconductor manufacturer’s stock after selling 144,800 shares during the period. Broadcom comprises about 5.1% of Harvard Management Co. Inc.’s portfolio, making the stock its 7th biggest position. Harvard Management Co. Inc.’s holdings in Broadcom were worth $86,870,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Howard Capital Management Group LLC lifted its stake in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Invst LLC lifted its stake in shares of Broadcom by 928.6% in the 3rd quarter. Invst LLC now owns 3,024 shares of the semiconductor manufacturer’s stock valued at $522,000 after purchasing an additional 2,730 shares during the period. McIlrath & Eck LLC lifted its stake in shares of Broadcom by 793.3% in the 3rd quarter. McIlrath & Eck LLC now owns 402 shares of the semiconductor manufacturer’s stock valued at $69,000 after purchasing an additional 357 shares during the period. Finally, Passumpsic Savings Bank lifted its stake in shares of Broadcom by 900.9% in the 3rd quarter. Passumpsic Savings Bank now owns 15,904 shares of the semiconductor manufacturer’s stock valued at $2,743,000 after purchasing an additional 14,315 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Up 0.1 %

AVGO stock opened at $192.47 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $904.98 billion, a PE ratio of 156.99, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a twelve month low of $122.33 and a twelve month high of $251.88. The stock has a 50-day simple moving average of $183.64 and a two-hundred day simple moving average of $196.24.

Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Analyst Ratings Changes

A number of research analysts recently weighed in on AVGO shares. Mizuho dropped their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Citigroup dropped their price target on Broadcom from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $229.48.

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.