Summit Wealth Partners LLC Has $995,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

Summit Wealth Partners LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,056.3% during the third quarter, Holdings Channel.com reports. The firm owned 5,770 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,271 shares during the quarter. Summit Wealth Partners LLC’s holdings in Broadcom were worth $995,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of AVGO. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Broadcom by 56.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 10,823 shares of the semiconductor manufacturer’s stock worth $14,345,000 after purchasing an additional 3,898 shares during the period. Proficio Capital Partners LLC lifted its holdings in shares of Broadcom by 6.1% during the first quarter. Proficio Capital Partners LLC now owns 1,644 shares of the semiconductor manufacturer’s stock worth $2,181,000 after purchasing an additional 94 shares during the period. Pictet North America Advisors SA raised its stake in Broadcom by 148.0% during the first quarter. Pictet North America Advisors SA now owns 1,240 shares of the semiconductor manufacturer’s stock worth $1,644,000 after buying an additional 740 shares during the last quarter. AA Financial Advisors LLC bought a new position in Broadcom during the first quarter worth $2,103,000. Finally, Rehmann Capital Advisory Group raised its stake in Broadcom by 1.6% during the first quarter. Rehmann Capital Advisory Group now owns 1,761 shares of the semiconductor manufacturer’s stock worth $2,335,000 after buying an additional 27 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. Mizuho lifted their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Oppenheimer lowered their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $191.54.

Broadcom Stock Down 0.5 %

Broadcom stock opened at $168.92 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market cap of $788.95 billion, a PE ratio of 146.76, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $86.00 and a fifty-two week high of $186.42. The firm’s 50-day simple moving average is $168.94 and its 200 day simple moving average is $156.03.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 earnings per share. Research analysts predict that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the company’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 transaction of $3,456,432.00. Following the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by 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.