Summit Trail Advisors LLC Sells 308 Shares of Broadcom Inc. (NASDAQ:AVGO)

Summit Trail Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,042 shares of the semiconductor manufacturer’s stock after selling 308 shares during the period. Broadcom accounts for approximately 2.8% of Summit Trail Advisors LLC’s portfolio, making the stock its 6th biggest position. Summit Trail Advisors LLC’s holdings in Broadcom were worth $106,033,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Lion Street Advisors LLC boosted its stake in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after purchasing an additional 6 shares in the last quarter. Tucker Asset Management LLC lifted its position in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after buying an additional 8 shares in the last quarter. Buckley Wealth Management LLC grew its holdings in Broadcom by 0.7% during the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. increased its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Finally, Ascent Wealth Partners LLC increased its position in Broadcom by 0.3% in the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after acquiring an additional 8 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

NASDAQ:AVGO opened at $171.10 on Friday. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The stock has a 50-day moving average price of $156.81 and a two-hundred day moving average price of $146.91. The stock has a market cap of $796.45 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. As a group, equities analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. William Blair assumed coverage on Broadcom in a research note on Wednesday. They issued an “outperform” rating for the company. Truist Financial upped their price target on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Mizuho lifted their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.