Summit Trail Advisors LLC Buys 600,580 Shares of Broadcom Inc. (NASDAQ:AVGO)

Summit Trail Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 909.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 666,622 shares of the semiconductor manufacturer’s stock after acquiring an additional 600,580 shares during the quarter. Broadcom makes up approximately 2.9% of Summit Trail Advisors LLC’s investment portfolio, making the stock its 6th largest position. Summit Trail Advisors LLC’s holdings in Broadcom were worth $114,992,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Lion Street Advisors LLC boosted its holdings in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors boosted its stake in shares of Broadcom by 0.6% in the second quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock valued at $2,262,000 after buying an additional 8 shares during the period. Anderson Hoagland & Co. boosted its stake in shares of Broadcom by 0.3% in the second quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after buying an additional 9 shares during the period. Wealth Group Ltd boosted its stake in shares of Broadcom by 6.0% in the second quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after buying an additional 10 shares during the period. Finally, Canandaigua National Bank & Trust Co. boosted its stake in shares of Broadcom by 1.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 723 shares of the semiconductor manufacturer’s stock valued at $1,161,000 after buying an additional 10 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.74 on Wednesday. The company has a market capitalization of $769.43 billion, a price-to-earnings ratio of 143.13, a PEG ratio of 1.93 and a beta of 1.17. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a fifty day simple moving average of $173.76 and a 200 day simple moving average of $161.09. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last three months. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVGO shares. Benchmark reiterated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. JPMorgan Chase & Co. boosted their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Morgan Stanley boosted their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Company 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.