Broadcom Inc. (NASDAQ:AVGO) Position Cut by Strategic Planning Group LLC

Strategic Planning Group LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,623 shares of the semiconductor manufacturer's stock after selling 3,609 shares during the period. Strategic Planning Group LLC's holdings in Broadcom were worth $3,788,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Apella Capital LLC lifted its holdings in shares of Broadcom by 10.4% in the first quarter. Apella Capital LLC now owns 3,264 shares of the semiconductor manufacturer's stock valued at $604,000 after purchasing an additional 308 shares in the last quarter. Clarus Wealth Advisors raised its position in shares of Broadcom by 51.9% during the 1st quarter. Clarus Wealth Advisors now owns 2,720 shares of the semiconductor manufacturer's stock worth $504,000 after purchasing an additional 929 shares during the last quarter. Bremer Bank National Association lifted its stake in Broadcom by 45.3% in the 1st quarter. Bremer Bank National Association now owns 5,006 shares of the semiconductor manufacturer's stock valued at $838,000 after buying an additional 1,560 shares in the last quarter. Orser Capital Management LLC acquired a new stake in Broadcom during the 1st quarter valued at $808,000. Finally, Unigestion Holding SA increased its position in Broadcom by 45.5% during the first quarter. Unigestion Holding SA now owns 24,450 shares of the semiconductor manufacturer's stock worth $4,094,000 after buying an additional 7,649 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Oppenheimer upped their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Benchmark restated a "buy" rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $246.00.

Insider Activity

In related news, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.4%

AVGO traded down $1.15 on Thursday, reaching $259.93. 41,745,758 shares of the company's stock were exchanged, compared to its average volume of 30,922,568. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company's 50 day moving average is $200.31 and its 200-day moving average is $205.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $1.22 trillion, a price-to-earnings ratio of 212.02, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

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.