Plan Group Financial LLC Has $1.81 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Plan Group Financial LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 51.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,796 shares of the semiconductor manufacturer’s stock after buying an additional 3,655 shares during the quarter. Plan Group Financial LLC’s holdings in Broadcom were worth $1,808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Brighton Jones LLC increased its holdings in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after acquiring an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after acquiring an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE increased its holdings in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock worth $5,917,000 after acquiring an additional 322 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Broadcom in the fourth quarter worth about $727,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company’s stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO opened at $297.72 on Tuesday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $306.95. The stock has a market cap of $1.40 trillion, a price-to-earnings ratio of 111.51, a PEG ratio of 2.05 and a beta of 1.15. The business has a 50 day moving average of $267.94 and a 200-day moving average of $224.92. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $10.96 EPS. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AVGO shares. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Mizuho increased their price objective on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Oppenheimer increased their price objective on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $294.92.

Broadcom Company 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.