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

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

Other large investors have also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 1.5%

Shares of AVGO opened at $253.77 on Tuesday. The firm’s 50-day moving average price is $221.98 and its 200-day moving average price is $213.28. The firm has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

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

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued 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 dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 875,444 shares of company stock valued at $172,097,492. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Oppenheimer upped their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. 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’s stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $276.09.

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.