Broadcom Inc. (NASDAQ:AVGO) is Summit Securities Group LLC’s 2nd Largest Position

Summit Securities Group LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5,870.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 244,800 shares of the semiconductor manufacturer’s stock after acquiring an additional 240,700 shares during the period. Broadcom accounts for about 11.7% of Summit Securities Group LLC’s investment portfolio, making the stock its 2nd largest position. Summit Securities Group LLC’s holdings in Broadcom were worth $56,754,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of AVGO. Schroder Investment Management Group raised its position in shares of Broadcom by 5.8% during the 4th quarter. Schroder Investment Management Group now owns 6,530,721 shares of the semiconductor manufacturer’s stock valued at $1,514,082,000 after buying an additional 356,841 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Broadcom by 166.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 572,906 shares of the semiconductor manufacturer’s stock valued at $132,823,000 after buying an additional 358,170 shares during the period. PARUS FINANCE UK Ltd bought a new position in shares of Broadcom during the fourth quarter valued at approximately $8,471,000. MV Capital Management Inc. raised its holdings in shares of Broadcom by 5.5% in the fourth quarter. MV Capital Management Inc. now owns 3,010 shares of the semiconductor manufacturer’s stock worth $698,000 after buying an additional 157 shares during the period. Finally, BlueChip Wealth Advisors LLC bought a new stake in shares of Broadcom during the 4th quarter worth approximately $234,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Bank of America increased their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Piper Sandler lifted their target price on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Down 1.7 %

Shares of AVGO stock opened at $169.12 on Friday. The stock’s 50-day simple moving average is $209.48 and its 200-day simple moving average is $196.25. The firm has a market capitalization of $795.19 billion, a PE ratio of 137.95, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week 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.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 785,976 shares of company stock worth $147,912,102 over the last 90 days. 2.00% of the stock is currently owned by company 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.