Summit Financial Wealth Advisors LLC Has $1.49 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Summit Financial Wealth Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,855 shares of the semiconductor manufacturer’s stock after selling 75 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Broadcom were worth $1,493,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its position in Broadcom by 17.8% during the fourth quarter. Covestor Ltd now owns 2,842 shares of the semiconductor manufacturer’s stock valued at $659,000 after purchasing an additional 430 shares during the last quarter. Paralel Advisors LLC lifted its holdings in shares of Broadcom by 10.0% during the 4th quarter. Paralel Advisors LLC now owns 18,940 shares of the semiconductor manufacturer’s stock valued at $4,391,000 after buying an additional 1,720 shares during the last quarter. Accredited Investors Inc. increased its holdings in Broadcom by 11.6% in the fourth quarter. Accredited Investors Inc. now owns 2,599 shares of the semiconductor manufacturer’s stock worth $602,000 after buying an additional 270 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Broadcom by 0.8% in the fourth quarter. Treasurer of the State of North Carolina now owns 2,171,415 shares of the semiconductor manufacturer’s stock worth $503,421,000 after buying an additional 17,245 shares during the last quarter. Finally, Scotia Capital Inc. raised its position in Broadcom by 2.9% during the fourth quarter. Scotia Capital Inc. now owns 495,701 shares of the semiconductor manufacturer’s stock valued at $114,927,000 after acquiring an additional 13,922 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Shares of Broadcom stock traded down $9.22 during midday trading on Thursday, hitting $175.93. 10,435,564 shares of the company were exchanged, compared to its average volume of 31,131,068. The firm has a 50 day simple moving average of $197.24 and a 200-day simple moving average of $195.96. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market cap of $827.21 billion, a P/E ratio of 143.50, a PEG ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AVGO shares. Benchmark restated a “buy” rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft boosted their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Susquehanna boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $231.48.

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.