Summitry LLC Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Summitry LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 25.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,401 shares of the semiconductor manufacturer’s stock after selling 1,169 shares during the quarter. Summitry LLC’s holdings in Broadcom were worth $788,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter valued at approximately $26,000. Bellevue Asset Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $33,000. Pin Oak Investment Advisors Inc. grew its stake in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares during the period. Finally, Synergy Investment Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $35,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $188.26 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a 50-day simple moving average of $212.97 and a 200 day simple moving average of $196.00. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a market cap of $885.19 billion, a PE ratio of 153.56, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

The business 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 dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AVGO shares. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. TD Cowen boosted their price objective on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Morgan Stanley increased 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 boosted their price target on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. Finally, Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,000 shares of company stock valued at $21,494,560. Insiders own 2.00% of the company’s stock.

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.