Ignite Planners LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Ignite Planners LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,456 shares of the semiconductor manufacturer’s stock after selling 23 shares during the quarter. Ignite Planners LLC’s holdings in Broadcom were worth $1,233,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. MRP Capital Investments LLC boosted its stake in shares of Broadcom by 60.0% during the 1st quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 21 shares in the last quarter. VitalStone Financial LLC raised its holdings in Broadcom by 71.4% during the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock worth $40,000 after purchasing an additional 25 shares during the last quarter. Sageworth Trust Co purchased a new stake in Broadcom during the first quarter worth $39,000. Tucker Asset Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $43,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $39,000. 78.81% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Down 0.1 %

AVGO traded down $0.52 during trading on Monday, hitting $851.16. 581,381 shares of the company’s stock were exchanged, compared to its average volume of 2,500,204. Broadcom Inc. has a 1 year low of $415.07 and a 1 year high of $923.67. The stock has a 50 day moving average price of $875.05 and a 200 day moving average price of $763.54. The firm has a market cap of $351.31 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 1.83 and a beta of 1.10. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the previous year, the business posted $9.07 EPS. The business’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 37.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be issued a $4.60 dividend. This represents a $18.40 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio is presently 56.58%.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Check Kian Low acquired 11,000 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the acquisition, the director now directly owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AVGO. Wolfe Research assumed coverage on shares of Broadcom in a research note on Wednesday, July 19th. They issued a “market perform” rating on the stock. Piper Sandler raised their price objective on shares of Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 29th. Robert W. Baird upped their target price on Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Tuesday, September 5th. StockNews.com upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Finally, Susquehanna boosted their price target on Broadcom from $910.00 to $1,010.00 and gave the stock a “positive” rating in a report on Thursday, August 24th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.

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.