Avantax Planning Partners Inc. Has $8.79 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Avantax Planning Partners Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,524 shares of the semiconductor manufacturer's stock after selling 2,828 shares during the quarter. Avantax Planning Partners Inc.'s holdings in Broadcom were worth $8,794,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter valued at about $32,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at about $25,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on AVGO shares. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Morgan Stanley upped their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $285.00.

Broadcom Price Performance

Shares of AVGO stock traded down $2.38 during trading hours on Tuesday, hitting $271.80. 14,846,336 shares of the company's stock were exchanged, compared to its average volume of 28,441,763. The stock's 50-day moving average is $242.02 and its 200-day moving average is $217.92. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market cap of $1.28 trillion, a price-to-earnings ratio of 101.80, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for 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 business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

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 $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.87%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 854,716 shares of company stock valued at $221,433,761. 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.