Summit Financial Strategies Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,251 shares of the semiconductor manufacturer's stock, valued at approximately $209,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG grew its position in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE increased its holdings in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $602,000. Institutional investors own 76.43% of the company's stock.
Insider Activity at Broadcom
In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company insiders.
Broadcom Price Performance
Broadcom stock opened at $303.76 on Friday. The business's 50-day simple moving average is $271.57 and its 200 day simple moving average is $226.37. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 113.77, a P/E/G ratio of 2.15 and a beta of 1.15. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the company. Citigroup upped their price target on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday, July 7th. Arete Research upgraded Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. UBS Group lifted their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $294.92.
Check Out Our Latest Stock Analysis on Broadcom
Broadcom Company Profile
(
Free Report)
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.
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