Planning Capital Management Corp Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

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

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Lion Street Advisors LLC increased its position in Broadcom by 1.9% during the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after purchasing an additional 6 shares during the period. Optimum Investment Advisors boosted its stake in shares of Broadcom by 0.6% during the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after purchasing an additional 8 shares in the last quarter. Anderson Hoagland & Co. increased its holdings in Broadcom by 0.3% during the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after buying an additional 9 shares during the period. Wealth Group Ltd raised its stake in Broadcom by 6.0% in the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock worth $283,000 after buying an additional 10 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its holdings in Broadcom by 1.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock worth $1,161,000 after buying an additional 10 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 3.3 %

NASDAQ AVGO opened at $164.84 on Monday. Broadcom Inc. has a 1 year low of $90.31 and a 1 year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $769.90 billion, a PE ratio of 143.21, a P/E/G ratio of 1.94 and a beta of 1.17. The company has a fifty day moving average of $172.84 and a 200 day moving average of $159.35.

Broadcom (NASDAQ:AVGO) last issued 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 company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. UBS Group boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial lifted their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

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.