Retirement Planning Group LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Retirement Planning Group LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 71.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,838 shares of the semiconductor manufacturer's stock after purchasing an additional 1,598 shares during the quarter. Retirement Planning Group LLC's holdings in Broadcom were worth $643,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC boosted its position in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC boosted its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp increased its position in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.4%

Shares of Broadcom stock opened at $259.93 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company's fifty day simple moving average is $202.16 and its 200-day simple moving average is $205.65. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $1.22 trillion, a PE ratio of 212.02, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's quarterly 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 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's payout ratio is 113.46%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Truist Financial increased their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Bank of America dropped their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $246.00.

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.

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