Summit Financial Wealth Advisors LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Summit Financial Wealth Advisors LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 948 shares of the semiconductor manufacturer’s stock after selling 69 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Broadcom were worth $822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Beacon Capital Management LLC boosted its stake in Broadcom by 11.0% in the second quarter. Beacon Capital Management LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $236,000 after acquiring an additional 27 shares during the last quarter. Berkshire Bank grew its holdings in Broadcom by 4.4% during the second quarter. Berkshire Bank now owns 497 shares of the semiconductor manufacturer’s stock valued at $431,000 after purchasing an additional 21 shares during the period. Capricorn Fund Managers Ltd purchased a new stake in Broadcom in the second quarter worth $2,689,000. Royal Fund Management LLC raised its stake in shares of Broadcom by 11.5% in the second quarter. Royal Fund Management LLC now owns 4,477 shares of the semiconductor manufacturer’s stock valued at $3,884,000 after buying an additional 462 shares during the period. Finally, Darwin Wealth Management LLC lifted its position in shares of Broadcom by 18.4% during the 2nd quarter. Darwin Wealth Management LLC now owns 406 shares of the semiconductor manufacturer’s stock valued at $358,000 after buying an additional 63 shares during the last quarter. 78.81% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

NASDAQ AVGO traded down $4.19 on Tuesday, reaching $845.81. 233,240 shares of the company’s stock traded hands, compared to its average volume of 2,493,482. The stock has a market cap of $349.10 billion, a PE ratio of 26.14, a P/E/G ratio of 1.78 and a beta of 1.10. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. Broadcom Inc. has a 12 month low of $415.07 and a 12 month high of $923.67. The stock has a 50-day simple moving average of $875.05 and a 200 day simple moving average of $763.54.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter last year, the firm earned $9.07 EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be issued a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio is presently 56.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. KeyCorp restated an “overweight” rating and issued a $1,000.00 price objective on shares of Broadcom in a research note on Thursday, September 14th. Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 price objective on shares of Broadcom in a report on Friday, September 1st. Rosenblatt Securities increased their target price on Broadcom from $900.00 to $1,000.00 in a research report on Friday, September 1st. Wells Fargo & Company lifted their price target on Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a research report on Friday, September 1st. Finally, Susquehanna reissued a “positive” rating and set a $1,010.00 price objective on shares of Broadcom in a report on Monday. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.

Insider Buying and Selling

In other news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the sale, the director now owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the sale, the director now directly owns 9,123 shares in the company, valued at $7,806,368.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Check Kian Low purchased 11,000 shares of Broadcom stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is owned by corporate insiders.

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.