Summit Trail Advisors LLC Has $116.46 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Summit Trail Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 695,564 shares of the semiconductor manufacturer's stock after buying an additional 17,572 shares during the quarter. Broadcom comprises approximately 3.8% of Summit Trail Advisors LLC's holdings, making the stock its 4th largest position. Summit Trail Advisors LLC's holdings in Broadcom were worth $116,458,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the fourth quarter worth about $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at $32,000. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $33,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last ninety days. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on AVGO shares. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Evercore ISI restated an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Mizuho boosted their price objective on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $281.46.

Broadcom Stock Up 1.8%

NASDAQ AVGO traded up $4.72 during trading on Thursday, hitting $274.62. The stock had a trading volume of 5,899,946 shares, compared to its average volume of 28,669,734. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company's 50-day moving average price is $235.38 and its two-hundred day moving average price is $216.81. The company has a market capitalization of $1.29 trillion, a PE ratio of 102.90, a P/E/G ratio of 1.88 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations 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 period in the previous year, the firm posted $10.96 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

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.