Summit Financial LLC Has $9.70 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Summit Financial LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,687 shares of the semiconductor manufacturer’s stock after purchasing an additional 336 shares during the period. Broadcom makes up 0.6% of Summit Financial LLC’s investment portfolio, making the stock its 20th biggest holding. Summit Financial LLC’s holdings in Broadcom were worth $9,696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AVGO. Northern Trust Corp increased its position in shares of Broadcom by 2.1% during the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after acquiring an additional 93,615 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Broadcom by 43.9% during the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after acquiring an additional 1,228,755 shares in the last quarter. FMR LLC increased its position in shares of Broadcom by 16.7% during the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after acquiring an additional 573,826 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Broadcom by 113,495.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after acquiring an additional 3,324,288 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Broadcom by 19.1% during the third quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock worth $2,663,339,000 after acquiring an additional 514,120 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Susquehanna upped their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Monday, April 8th. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Performance

Shares of AVGO stock traded down $57.41 during trading hours on Wednesday, reaching $1,242.86. 3,093,767 shares of the company traded hands, compared to its average volume of 2,909,805. The firm has a 50-day moving average price of $1,310.04 and a 200 day moving average price of $1,143.82. The company has a market cap of $575.97 billion, a P/E ratio of 46.63, a P/E/G ratio of 2.72 and a beta of 1.25. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.83 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.69%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Activity

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 in the last ninety days. Insiders own 2.00% of the company’s stock.

About Broadcom

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.