Avantax Planning Partners Inc. Buys 711 Shares of Broadcom Inc. (NASDAQ:AVGO)

Avantax Planning Partners Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 12.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,373 shares of the semiconductor manufacturer’s stock after purchasing an additional 711 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Broadcom were worth $4,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in AVGO. Hanson & Doremus Investment Management bought a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. Ahrens Investment Partners LLC boosted its position in shares of Broadcom by 125.0% during the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 25 shares in the last quarter. West Bancorporation Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $29,000. Semmax Financial Advisors Inc. boosted its position in shares of Broadcom by 300.0% during the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Finally, Hoey Investments Inc. bought a new stake in shares of Broadcom during the first quarter valued at approximately $30,000. Institutional investors own 81.53% of the company’s stock.

Broadcom Trading Down 0.2 %

AVGO traded down $1.36 during trading on Friday, hitting $551.44. 1,435,744 shares of the stock were exchanged, compared to its average volume of 1,840,794. The firm has a 50 day simple moving average of $518.75 and a 200 day simple moving average of $561.25. The firm has a market cap of $222.68 billion, a price-to-earnings ratio of 27.34, a P/E/G ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a 1 year low of $462.66 and a 1 year high of $677.76. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.90 and a current ratio of 2.14.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 EPS for the quarter, topping the consensus estimate of $7.88 by $0.51. The company had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. Broadcom’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period last year, the business posted $5.89 EPS. As a group, equities analysts expect that Broadcom Inc. will post 33.96 EPS for the current year.

Broadcom announced that its board has authorized a share buyback program on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were given a dividend of $4.10 per share. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 2.97%. Broadcom’s dividend payout ratio (DPR) is presently 81.31%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVGO. Deutsche Bank Aktiengesellschaft dropped their price target on Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. KeyCorp upped their price objective on Broadcom from $720.00 to $780.00 and gave the stock an “overweight” rating in a research note on Friday, May 27th. Truist Financial upped their price objective on Broadcom to $658.00 in a research note on Friday, May 27th. Finally, Piper Sandler reaffirmed a “buy” rating and issued a $750.00 price objective on shares of Broadcom in a research note on Tuesday, May 24th. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $680.46.

Broadcom Profile

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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.

Further Reading

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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