Broadcom Inc. (NASDAQ:AVGO) Holdings Increased by Summit X LLC

Summit X LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2,767.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,172 shares of the semiconductor manufacturer’s stock after buying an additional 7,887 shares during the quarter. Summit X LLC’s holdings in Broadcom were worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pin Oak Investment Advisors Inc. grew its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. JDM Financial Group LLC grew its stake in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Bellevue Asset Management LLC purchased a new position in shares of Broadcom in the fourth quarter worth approximately $33,000. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 3.1 %

Shares of AVGO stock opened at $190.09 on Wednesday. The stock’s 50 day simple moving average is $220.42 and its 200 day simple moving average is $193.44. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market capitalization of $893.79 billion, a price-to-earnings ratio of 155.05, a PEG ratio of 2.29 and a beta of 1.01.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.24%. Broadcom’s payout ratio is currently 113.46%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AVGO shares. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Jefferies Financial Group lifted their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Truist Financial lifted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

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.