Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 910.2% during the 3rd quarter, Holdings Channel reports. The fund owned 6,930 shares of the semiconductor manufacturer’s stock after buying an additional 6,244 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Broadcom were worth $1,195,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AVGO. Jennison Associates LLC increased its stake in Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Broadcom by 962.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after purchasing an additional 28,985,434 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Broadcom by 938.8% in the 3rd quarter. Fisher Asset Management LLC now owns 23,422,781 shares of the semiconductor manufacturer’s stock valued at $4,040,430,000 after buying an additional 21,168,095 shares during the period. Swedbank AB lifted its position in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in Broadcom by 814.4% in the third quarter. Bank of Montreal Can now owns 16,096,312 shares of the semiconductor manufacturer’s stock valued at $2,779,672,000 after buying an additional 14,335,935 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $159.67 on Thursday. The company has a market capitalization of $745.75 billion, a price-to-earnings ratio of 138.72, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a 50 day moving average price of $173.72 and a 200 day moving average price of $161.28.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.33%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. UBS Group boosted their price objective on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Mizuho raised their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $195.96.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. This represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

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.