Broadcom Inc. (NASDAQ:AVGO) is Midwest Professional Planners LTD.'s 4th Largest Position

Midwest Professional Planners LTD. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,322 shares of the semiconductor manufacturer's stock after selling 5,636 shares during the period. Broadcom makes up approximately 2.3% of Midwest Professional Planners LTD.'s portfolio, making the stock its 4th biggest holding. Midwest Professional Planners LTD.'s holdings in Broadcom were worth $7,253,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Tectonic Advisors LLC lifted its position in Broadcom by 3.0% in the first quarter. Tectonic Advisors LLC now owns 53,654 shares of the semiconductor manufacturer's stock valued at $8,983,000 after purchasing an additional 1,562 shares during the period. Larson Financial Group LLC raised its stake in shares of Broadcom by 17.9% during the 1st quarter. Larson Financial Group LLC now owns 72,354 shares of the semiconductor manufacturer's stock worth $12,114,000 after buying an additional 11,010 shares in the last quarter. Wealthfront Advisers LLC raised its stake in shares of Broadcom by 10.6% during the 1st quarter. Wealthfront Advisers LLC now owns 527,067 shares of the semiconductor manufacturer's stock worth $88,247,000 after buying an additional 50,458 shares in the last quarter. First Business Financial Services Inc. lifted its holdings in shares of Broadcom by 7.7% in the 1st quarter. First Business Financial Services Inc. now owns 40,983 shares of the semiconductor manufacturer's stock valued at $6,862,000 after buying an additional 2,930 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Broadcom by 2.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 305,459 shares of the semiconductor manufacturer's stock valued at $51,143,000 after buying an additional 7,888 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVGO shares. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Citigroup increased their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday, July 7th. The Goldman Sachs Group assumed coverage on Broadcom in a research note on Thursday, July 10th. They set a "buy" rating and a $315.00 price target on the stock. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus target price of $292.08.

Broadcom Trading Down 0.0%

NASDAQ AVGO traded down $0.13 during mid-day trading on Wednesday, reaching $280.81. 15,016,636 shares of the stock were exchanged, compared to its average volume of 28,007,422. The stock has a market capitalization of $1.32 trillion, a PE ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36. The business's fifty day simple moving average is $251.34 and its 200 day simple moving average is $219.63.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The business 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 was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

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

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 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.