Summit Wealth & Retirement Planning Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Summit Wealth & Retirement Planning Inc. acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,130 shares of the semiconductor manufacturer’s stock, valued at approximately $494,000.

Other large investors have also recently bought and sold shares of the company. AlphaStar Capital Management LLC boosted its holdings in shares of Broadcom by 99.1% during the 4th quarter. AlphaStar Capital Management LLC now owns 28,650 shares of the semiconductor manufacturer’s stock worth $6,642,000 after buying an additional 14,261 shares during the period. Empowered Funds LLC boosted its holdings in Broadcom by 31.3% during the fourth quarter. Empowered Funds LLC now owns 243,801 shares of the semiconductor manufacturer’s stock valued at $56,523,000 after acquiring an additional 58,077 shares during the period. Farmers & Merchants Investments Inc. grew its position in shares of Broadcom by 2.9% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 243,632 shares of the semiconductor manufacturer’s stock valued at $56,484,000 after purchasing an additional 6,872 shares during the last quarter. Sanchez Wealth Management Group bought a new position in shares of Broadcom in the fourth quarter worth about $256,000. Finally, Santori & Peters Inc. acquired a new position in shares of Broadcom during the fourth quarter worth approximately $229,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVGO. Morgan Stanley lowered their price objective on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Barclays boosted their price objective on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Benchmark reiterated a “buy” rating and issued a $255.00 target price (up previously from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Evercore ISI boosted their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their price objective on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This represents a 5.07 % 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 12,570 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $229.62, for a total value of $2,886,323.40. Following the transaction, the chief financial officer now owns 325,443 shares of the company’s stock, valued at $74,728,221.66. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $235.04 on Wednesday. The business’s fifty day moving average price is $221.13 and its two-hundred day moving average price is $185.16. The firm has a market capitalization of $1.10 trillion, a price-to-earnings ratio of 191.71, a PEG ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 earnings per share. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.00%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is 192.50%.

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.