Harrington Investments INC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Harrington Investments INC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the second quarter, Holdings Channel.com reports. The firm bought 129 shares of the semiconductor manufacturer’s stock, valued at approximately $207,000.

Other hedge funds have also modified their holdings of the company. Oak Thistle LLC acquired a new position in shares of Broadcom during the second quarter valued at $942,000. Mount Lucas Management LP bought a new position in shares of Broadcom in the 2nd quarter valued at about $279,000. Clearwater Capital Advisors LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $246,000. Ballentine Partners LLC raised its stake in shares of Broadcom by 8.5% during the second quarter. Ballentine Partners LLC now owns 7,359 shares of the semiconductor manufacturer’s stock worth $11,815,000 after buying an additional 576 shares during the last quarter. Finally, MRA Advisory Group lifted its holdings in Broadcom by 38.9% in the second quarter. MRA Advisory Group now owns 897 shares of the semiconductor manufacturer’s stock valued at $1,440,000 after buying an additional 251 shares during the period. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Citigroup reaffirmed a “buy” rating and set a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Evercore ISI lifted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Melius Research began coverage on shares of Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Trading Up 5.2 %

NASDAQ AVGO opened at $148.21 on Wednesday. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a 50 day moving average of $188.66 and a 200-day moving average of $156.32. The company has a market cap of $689.90 billion, a PE ratio of 6.37, a PEG ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. 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. This represents a $2.12 annualized dividend and a yield of 1.43%. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were 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 owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following 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.

Broadcom Profile

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.