Larson Financial Group LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Larson Financial Group LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,354 shares of the semiconductor manufacturer's stock after purchasing an additional 11,010 shares during the period. Larson Financial Group LLC's holdings in Broadcom were worth $12,114,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the 4th quarter valued at about $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $26,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 0.0%

Broadcom stock traded down $0.13 during mid-day trading on Wednesday, reaching $280.81. 15,016,636 shares of the company were exchanged, compared to its average volume of 28,007,422. The business has a fifty day moving average of $251.34 and a 200 day moving average of $219.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.32 trillion, a P/E ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $283.36.

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

Broadcom Dividend Announcement

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

Broadcom announced that its Board of Directors has authorized a share 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVGO. Mizuho increased their price objective on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Susquehanna increased their price objective 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, Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $292.08.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were 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 owned 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. 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 stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

About Broadcom

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.