Summit Global Investments Invests $302,000 in Broadcom Inc. (NASDAQ:AVGO)

Summit Global Investments acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, HoldingsChannel reports. The firm acquired 270 shares of the semiconductor manufacturer’s stock, valued at approximately $302,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Northern Trust Corp increased its holdings in Broadcom by 2.1% in the 3rd 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 during the last quarter. Wellington Management Group LLP raised its position in shares of Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after purchasing an additional 1,228,755 shares during the period. FMR LLC lifted its stake in shares of Broadcom by 16.7% during the 3rd quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after buying an additional 573,826 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Broadcom by 113,495.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after buying an additional 3,324,288 shares during the period. Finally, Invesco Ltd. grew its stake in Broadcom by 19.1% in the 3rd quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock valued at $2,663,339,000 after buying an additional 514,120 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on AVGO shares. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a report on Thursday, March 21st. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Evercore ISI assumed coverage on shares of Broadcom in a report on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 target price on the stock. Finally, Benchmark reissued a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insiders Place Their Bets

In related news, Director Justine Page sold 110 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 110 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $1,278.11 on Monday. Broadcom Inc. has a one year low of $601.29 and a one year high of $1,438.17. The business’s 50 day simple moving average is $1,308.66 and its two-hundred day simple moving average is $1,151.47. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The stock has a market capitalization of $592.30 billion, a P/E ratio of 47.37, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25.

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

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is currently 77.84%.

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.