Summit Global Investments Has $498,000 Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Summit Global Investments decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 76.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,147 shares of the semiconductor manufacturer’s stock after selling 6,907 shares during the period. Summit Global Investments’ holdings in Broadcom were worth $498,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. State Street Corp boosted its stake in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after buying an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after acquiring an additional 89,975,941 shares during the period. FMR LLC boosted its position in shares of Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Broadcom by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 32,808,362 shares of the semiconductor manufacturer’s stock worth $7,606,291,000 after purchasing an additional 810,907 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVGO shares. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Bank of America upped their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, TD Cowen upped their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Trading Down 0.2 %

Shares of NASDAQ AVGO opened at $191.25 on Tuesday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The stock has a market cap of $899.25 billion, a price-to-earnings ratio of 156.00, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company’s fifty day moving average is $213.70 and its 200-day moving average is $195.64.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom’s payout ratio is 113.46%.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 92,000 shares of company stock worth $21,494,560 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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.