Summit Financial Wealth Advisors LLC Sells 67 Shares of Broadcom Inc. (NASDAQ:AVGO)

Summit Financial Wealth Advisors LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGOFree Report) by 8.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 772 shares of the semiconductor manufacturer’s stock after selling 67 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Broadcom were worth $862,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Rise Advisors LLC boosted its position in shares of Broadcom by 76.5% during the 3rd quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 13 shares during the last quarter. Bollard Group LLC bought a new stake in Broadcom in the second quarter worth $26,000. Macroview Investment Management LLC bought a new stake in Broadcom in the third quarter worth $29,000. BKM Wealth Management LLC bought a new stake in Broadcom in the fourth quarter worth $29,000. Finally, Indiana Trust & Investment Management CO bought a new stake in Broadcom in the third quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AVGO shares. Summit Insights upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Friday, December 8th. Oppenheimer restated an “outperform” rating and issued a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. UBS Group raised their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,230.18.

View Our Latest Stock Analysis on AVGO

Insider Activity

In other news, insider Charlie B. Kawwas sold 5,000 shares of the company’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 transaction, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Charlie B. Kawwas sold 5,000 shares of the company’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 transaction, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction dated 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 directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders sold a total of 19,810 shares of company stock valued at $26,107,692 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $1,325.41 on Friday. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The firm has a 50-day simple moving average of $1,277.76 and a 200-day simple moving average of $1,068.32. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $614.22 billion, a price-to-earnings ratio of 49.13, a price-to-earnings-growth ratio of 2.79 and a beta of 1.26.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company posted $9.83 EPS. On average, equities analysts predict that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

Broadcom Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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