Planning Capital Management Corp Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Planning Capital Management Corp grew its position in Broadcom Inc. (NASDAQ:AVGO) by 1,790.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,769 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,411 shares during the quarter. Planning Capital Management Corp’s holdings in Broadcom were worth $1,168,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AVGO. Delta Asset Management LLC TN raised its holdings in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the last quarter. Clear Point Advisors Inc. increased its holdings in shares of Broadcom by 310.0% in the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO lifted its position in Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer’s stock worth $85,000 after buying an additional 15 shares in the last quarter. Creekmur Asset Management LLC boosted its stake in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer’s stock worth $98,000 after buying an additional 35 shares during the last quarter. Finally, Kiely Wealth Advisory Group Inc. purchased a new stake in Broadcom in the 2nd quarter valued at $128,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 3.3 %

NASDAQ:AVGO opened at $164.84 on Monday. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The firm has a market cap of $769.90 billion, a PE ratio of 143.21, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a fifty day moving average price of $172.84 and a 200 day moving average price of $159.35.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is currently 184.19%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent research reports. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. William Blair started coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $192.79.

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.