Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Summit Global Investments

Summit Global Investments lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 509.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,054 shares of the semiconductor manufacturer's stock after acquiring an additional 7,568 shares during the period. Summit Global Investments' holdings in Broadcom were worth $1,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bensler LLC increased its holdings in Broadcom by 907.9% in the 3rd quarter. Bensler LLC now owns 19,342 shares of the semiconductor manufacturer's stock worth $3,337,000 after buying an additional 17,423 shares during the period. Winthrop Advisory Group LLC boosted its holdings in shares of Broadcom by 1,165.6% in the 3rd quarter. Winthrop Advisory Group LLC now owns 4,088 shares of the semiconductor manufacturer's stock valued at $705,000 after acquiring an additional 3,765 shares during the last quarter. Verity Asset Management Inc. increased its stake in shares of Broadcom by 794.6% in the third quarter. Verity Asset Management Inc. now owns 3,945 shares of the semiconductor manufacturer's stock worth $681,000 after acquiring an additional 3,504 shares during the period. Lewis Asset Management LLC raised its holdings in shares of Broadcom by 851.7% during the third quarter. Lewis Asset Management LLC now owns 10,393 shares of the semiconductor manufacturer's stock worth $1,793,000 after purchasing an additional 9,301 shares during the last quarter. Finally, Hudson Value Partners LLC lifted its position in Broadcom by 900.0% during the third quarter. Hudson Value Partners LLC now owns 3,070 shares of the semiconductor manufacturer's stock valued at $530,000 after purchasing an additional 2,763 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on AVGO. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, September 6th. Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a report on Tuesday, October 8th. Finally, StockNews.com cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $192.79.

Broadcom Trading Down 3.2 %

Broadcom stock traded down $5.82 during trading on Monday, hitting $177.82. The company had a trading volume of 5,887,924 shares, compared to its average volume of 29,673,500. The stock has a market cap of $830.52 billion, a price-to-earnings ratio of 156.04, a price-to-earnings-growth ratio of 2.11 and a beta of 1.17. Broadcom Inc. has a 1-year low of $90.31 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company's 50 day simple moving average is $170.75 and its 200-day simple moving average is $157.78.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the prior year, the firm earned $0.95 EPS. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.19%. Broadcom's dividend payout ratio is 184.35%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the business's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company's stock, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 in the last quarter. Corporate insiders own 2.00% of the company's stock.

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.