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

Key Points

• Plan Group Financial LLC increased its stake in Broadcom Inc. by 51.2%, holding a total of 10,796 shares valued at approximately $1.81 million.
• In recent quarter activity, several hedge funds, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, also boosted their holdings in Broadcom, indicating strong institutional interest.
• Broadcom reported $15 billion in revenue for the last quarter, surpassing analysts' expectations, and declared a quarterly dividend of $0.59 per share with an annual yield of 0.8%.

Plan Group Financial LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 10,796 shares of the semiconductor manufacturer's stock after buying an additional 3,655 shares during the period. Plan Group Financial LLC's holdings in Broadcom were worth $1,808,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. True Wealth Design LLC grew its holdings in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the last quarter. Fulton Breakefield Broenniman LLC increased its holdings in shares of Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after buying an additional 50 shares in the last quarter. American Financial Advisors LLC raised its stake in shares of Broadcom by 3.8% in the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after acquiring an additional 52 shares during the last quarter. GS Investments Inc. boosted its holdings in shares of Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after acquiring an additional 52 shares in the last quarter. Finally, First Bank & Trust grew its position in Broadcom by 1.9% during the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after acquiring an additional 55 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's 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 transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on AVGO shares. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Morgan Stanley set a $338.00 price objective on shares of Broadcom and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average price target of $294.92.

Broadcom Stock Up 3.0%

AVGO stock traded up $8.74 during mid-day trading on Wednesday, hitting $301.67. 17,275,421 shares of the company were exchanged, compared to its average volume of 17,267,806. 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 $134.90 and a 1-year high of $306.95. The firm's 50 day simple moving average is $269.08 and its 200 day simple moving average is $225.39. The firm has a market cap of $1.42 trillion, a P/E ratio of 112.99, a P/E/G ratio of 2.08 and a beta of 1.15.

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

Broadcom Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.