Consolidated Planning Corp Sells 11,511 Shares of Broadcom Inc. (NASDAQ:AVGO)

Consolidated Planning Corp cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 13.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,253 shares of the semiconductor manufacturer’s stock after selling 11,511 shares during the quarter. Broadcom accounts for approximately 1.7% of Consolidated Planning Corp’s holdings, making the stock its 12th largest position. Consolidated Planning Corp’s holdings in Broadcom were worth $12,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC lifted its holdings in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank bought a new position in shares of Broadcom during the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp lifted its holdings in shares of 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 during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVGO. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target on the stock. KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Cowen reissued a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Trading Up 1.5%

Shares of AVGO stock opened at $253.77 on Tuesday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. 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 capitalization of $1.19 trillion, a PE ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. The stock has a fifty day simple moving average of $221.98 and a two-hundred day simple moving average of $213.28.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom’s payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction dated 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 now owns 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 875,444 shares of company stock worth $172,097,492 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

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.