Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Summit X LLC

Summit X LLC increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2,767.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,172 shares of the semiconductor manufacturer's stock after buying an additional 7,887 shares during the period. Summit X LLC's holdings in Broadcom were worth $1,895,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AVGO. Swedbank AB increased its position in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer's stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Howard Capital Management Group LLC increased its position in Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer's stock worth $524,000 after purchasing an additional 2,908 shares during the last quarter. Pettinga Financial Advisors LLC increased its position in Broadcom by 896.9% during the third quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer's stock worth $502,000 after purchasing an additional 2,619 shares during the last quarter. Impax Asset Management Group plc increased its position in Broadcom by 884.6% during the third quarter. Impax Asset Management Group plc now owns 119,529 shares of the semiconductor manufacturer's stock worth $20,619,000 after purchasing an additional 107,389 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Broadcom by 1,019.4% during the third quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer's stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Jefferies Financial Group boosted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Finally, Citigroup boosted their price objective on shares of Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $231.48.

Remove Ads

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated 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 directly owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 3.1 %

NASDAQ AVGO opened at $190.09 on Wednesday. The company's fifty day moving average price is $220.42 and its two-hundred day moving average price is $193.44. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The company has a market capitalization of $893.79 billion, a price-to-earnings ratio of 155.05, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the firm posted $0.98 EPS. The company's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.24%. Broadcom's payout ratio is currently 113.46%.

About Broadcom

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.