Harbour Wealth Management Group Inc. Purchases Shares of 6,228 Broadcom Inc. $AVGO

Harbour Wealth Management Group Inc. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,228 shares of the semiconductor manufacturer’s stock, valued at approximately $2,156,000. Broadcom makes up 1.7% of Harbour Wealth Management Group Inc.’s portfolio, making the stock its 19th largest position.

A number of other hedge funds have also recently made changes to their positions in AVGO. Vanguard Group Inc. grew its holdings in Broadcom by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. State Street Corp boosted its position in shares of Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Broadcom by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer’s stock worth $38,396,634,000 after acquiring an additional 1,548,699 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 3.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer’s stock valued at $29,607,500,000 after acquiring an additional 2,491,644 shares in the last quarter. Finally, Norges Bank purchased a new position in Broadcom during the fourth quarter valued at $24,252,196,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, insider S. Ram Velaga sold 8,000 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry L. You purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $373.57 per share, for a total transaction of $373,570.00. Following the completion of the acquisition, the director directly owned 38,466 shares in the company, valued at $14,369,743.62. The trade was a 2.67% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 59,385 shares of company stock worth $21,301,057. 1.90% of the stock is currently owned by insiders.

Broadcom Trading Up 4.7%

Shares of NASDAQ AVGO opened at $411.35 on Friday. Broadcom Inc. has a 1-year low of $244.17 and a 1-year high of $495.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The business’s 50 day moving average is $410.21 and its two-hundred day moving average is $363.17. The stock has a market capitalization of $1.96 trillion, a P/E ratio of 68.56, a PEG ratio of 0.69 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.04. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the company earned $1.58 EPS. As a group, research analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom’s dividend payout ratio is currently 43.33%.

Analyst Upgrades and Downgrades

Several brokerages have commented on AVGO. Mizuho boosted their price target on shares of Broadcom from $480.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. raised their price target on Broadcom from $500.00 to $580.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $525.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Jefferies Financial Group set a $550.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Oppenheimer reissued an “outperform” rating and issued a $535.00 target price (up from $450.00) on shares of Broadcom in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $490.13.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom expanded its cash tender offers for outstanding debt to $3 billion from $2.5 billion after strong investor demand, which can be viewed as a sign of balance-sheet management and helped lift sentiment toward the stock. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan reiterated a bullish view, saying investors should be “aggressive buyers” and arguing the market is underestimating Broadcom’s long-term AI opportunity, reinforcing the rally in AVGO. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also highlighted Broadcom as a top chip stock on soaring data-center demand, adding to optimism around AI-driven revenue growth. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions totaling more than 8,100 shares. The sales are notable, but they represent relatively small reductions in a large personal holding and do not necessarily signal a change in the company’s outlook. Mark David Brazeal insider trading page

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.