Summit Financial Wealth Advisors LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Summit Financial Wealth Advisors LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 948 shares of the semiconductor manufacturer’s stock after selling 69 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Broadcom were worth $822,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Kozak & Associates Inc. grew its position in shares of Broadcom by 4.3% during the second quarter. Kozak & Associates Inc. now owns 292 shares of the semiconductor manufacturer’s stock valued at $256,000 after purchasing an additional 12 shares in the last quarter. Armstrong Advisory Group Inc. grew its holdings in Broadcom by 13.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 113 shares of the semiconductor manufacturer’s stock valued at $98,000 after buying an additional 13 shares in the last quarter. Verity Asset Management Inc. increased its stake in Broadcom by 3.0% in the 1st quarter. Verity Asset Management Inc. now owns 509 shares of the semiconductor manufacturer’s stock worth $327,000 after acquiring an additional 15 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in shares of Broadcom by 3.1% during the 1st quarter. Rosenberg Matthew Hamilton now owns 531 shares of the semiconductor manufacturer’s stock worth $341,000 after acquiring an additional 16 shares in the last quarter. Finally, Silver Oak Securities Incorporated boosted its position in shares of Broadcom by 2.9% during the 1st quarter. Silver Oak Securities Incorporated now owns 572 shares of the semiconductor manufacturer’s stock valued at $367,000 after acquiring an additional 16 shares during the last quarter. 78.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Truist Financial upped their price target on shares of Broadcom from $942.00 to $995.00 and gave the company a “buy” rating in a research note on Friday, September 8th. Benchmark restated a “buy” rating and set a $950.00 target price on shares of Broadcom in a research report on Friday, September 1st. BMO Capital Markets lifted their price target on Broadcom from $890.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Friday, September 1st. TD Cowen upped their price objective on Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a research report on Friday, September 1st. Finally, Oppenheimer boosted their price objective on shares of Broadcom from $900.00 to $990.00 and gave the company an “outperform” rating in a research report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $846.14.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the sale, the director now directly owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Check Kian Low bought 11,000 shares of Broadcom stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is owned by insiders.

Broadcom Stock Down 0.5 %

Shares of NASDAQ AVGO traded down $4.19 during midday trading on Tuesday, reaching $845.81. 233,240 shares of the company’s stock traded hands, compared to its average volume of 2,493,482. The company has a market cap of $349.10 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 1.78 and a beta of 1.10. The stock’s 50 day simple moving average is $875.05 and its 200-day simple moving average is $763.54. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73. Broadcom Inc. has a one year low of $415.07 and a one year high of $923.67.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.43 by $0.11. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $9.07 EPS. On average, analysts predict that Broadcom Inc. will post 37.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be issued a $4.60 dividend. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio is currently 56.58%.

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.