Summit Financial LLC Has $21.54 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Summit Financial LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,877 shares of the semiconductor manufacturer’s stock after buying an additional 4,299 shares during the quarter. Broadcom makes up 0.8% of Summit Financial LLC’s holdings, making the stock its 19th biggest holding. Summit Financial LLC’s holdings in Broadcom were worth $21,538,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Canton Hathaway LLC bought a new position in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at about $32,000. Bellevue Asset Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $33,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $35,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 785,976 shares of company stock worth $147,912,102. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Piper Sandler lifted their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Benchmark reissued a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Morgan Stanley lifted their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Down 1.7 %

Shares of NASDAQ:AVGO opened at $169.12 on Monday. The firm has a market cap of $795.19 billion, a P/E ratio of 137.95, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The business’s 50 day simple moving average is $209.48 and its two-hundred day simple moving average is $196.51. 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Broadcom 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.