Ignite Planners LLC Has $2.47 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Ignite Planners LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,741 shares of the semiconductor manufacturer's stock after purchasing an additional 1,489 shares during the period. Ignite Planners LLC's holdings in Broadcom were worth $2,468,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Obermeyer Wealth Partners boosted its stake in Broadcom by 0.4% in the first quarter. Obermeyer Wealth Partners now owns 208,191 shares of the semiconductor manufacturer's stock valued at $34,857,000 after acquiring an additional 778 shares during the last quarter. Windle Wealth LLC bought a new position in Broadcom in the first quarter valued at approximately $5,058,000. 1776 Wealth LLC boosted its stake in Broadcom by 3.0% in the first quarter. 1776 Wealth LLC now owns 2,999 shares of the semiconductor manufacturer's stock valued at $502,000 after acquiring an additional 87 shares during the last quarter. Winch Advisory Services LLC boosted its position in shares of Broadcom by 59.1% during the first quarter. Winch Advisory Services LLC now owns 937 shares of the semiconductor manufacturer's stock worth $157,000 after purchasing an additional 348 shares in the last quarter. Finally, Van Strum & Towne Inc. boosted its position in shares of Broadcom by 20.7% during the first quarter. Van Strum & Towne Inc. now owns 7,165 shares of the semiconductor manufacturer's stock worth $1,200,000 after purchasing an additional 1,230 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's 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. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last ninety days. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AVGO. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Barclays lifted their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One equities research 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. Based on data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus price target of $292.08.

Broadcom Stock Up 1.8%

AVGO stock traded up $5.21 during midday trading on Thursday, hitting $288.90. The company's stock had a trading volume of 11,481,214 shares, compared to its average volume of 27,223,570. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $291.20. The company's fifty day moving average price is $257.70 and its 200 day moving average price is $221.40. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 108.15, a PEG ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 EPS. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

The company 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.82%. Broadcom's dividend payout ratio is presently 88.39%.

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.