Summit Financial LLC Purchases 4,299 Shares of Broadcom Inc. (NASDAQ:AVGO)

Summit Financial LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 92,877 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,299 shares during the period. Broadcom comprises about 0.8% of Summit Financial LLC’s portfolio, making the stock its 19th largest position. Summit Financial LLC’s holdings in Broadcom were worth $21,538,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter worth $26,000. JDM Financial Group LLC raised its stake in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the period. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $32,000. Finally, Bellevue Asset Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $33,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 785,976 shares of company stock worth $147,912,102 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $169.12 on Monday. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market cap of $795.19 billion, a price-to-earnings ratio of 137.95, a P/E/G ratio of 2.29 and a beta of 1.01. The stock’s fifty day moving average price is $209.48 and its two-hundred day moving average price is $196.51.

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 dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley boosted their target price on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Susquehanna increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Benchmark reissued a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial raised 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. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

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.