K.J. Harrison & Partners Inc Takes Position in Broadcom Inc. (NASDAQ:AVGO)

K.J. Harrison & Partners Inc bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 500 shares of the semiconductor manufacturer’s stock, valued at approximately $558,000.

Other hedge funds have also recently made changes to their positions in the company. Pathway Financial Advisors LLC increased its stake in shares of Broadcom by 11.1% during the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after buying an additional 93 shares during the period. RMR Wealth Builders increased its stake in shares of Broadcom by 6.5% during the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock valued at $5,284,000 after buying an additional 388 shares during the period. Alpha Omega Wealth Management LLC increased its stake in shares of Broadcom by 66.6% during the fourth quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer’s stock valued at $4,756,000 after buying an additional 1,704 shares during the period. CI Investments Inc. increased its stake in shares of Broadcom by 89.4% during the third quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer’s stock valued at $114,221,000 after buying an additional 64,912 shares during the period. Finally, NatWest Group plc increased its stake in shares of Broadcom by 8.2% during the fourth quarter. NatWest Group plc now owns 8,298 shares of the semiconductor manufacturer’s stock valued at $9,263,000 after buying an additional 631 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 target price on shares of Broadcom in a research note on Friday, January 19th. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Finally, Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Stock Performance

Broadcom stock traded up $49.65 during trading on Friday, reaching $1,344.07. The company had a trading volume of 2,409,983 shares, compared to its average volume of 2,322,994. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The firm’s 50-day simple moving average is $1,306.70 and its 200 day simple moving average is $1,134.07. The firm has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.82, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same period last year, the firm earned $9.83 EPS. Broadcom’s revenue for the quarter was up 34.2% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the sale, the insider now directly owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the transaction, the insider now owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock valued at $40,306,667 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

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.