Summit Global Investments Has $498,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Summit Global Investments trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 76.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,147 shares of the semiconductor manufacturer’s stock after selling 6,907 shares during the period. Summit Global Investments’ holdings in Broadcom were worth $498,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. State Street Corp grew its stake in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC grew its stake in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after buying an additional 82,998,328 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after buying an additional 30,674,902 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Broadcom by 962.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,997,455 shares of the semiconductor manufacturer’s stock worth $5,519,591,000 after acquiring an additional 28,985,434 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction 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. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,000 shares of company stock worth $21,494,560 in the last ninety days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AVGO shares. Jefferies Financial Group boosted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Robert W. Baird upped their price objective on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Susquehanna lifted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Barclays increased their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Morgan Stanley lifted their price objective on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $191.25 on Tuesday. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The stock has a market capitalization of $899.25 billion, a price-to-earnings ratio of 156.00, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. 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 company’s 50 day simple moving average is $213.70 and its 200 day simple moving average is $195.64.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

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.