Sierra Summit Advisors LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Sierra Summit Advisors LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,518 shares of the semiconductor manufacturer’s stock after purchasing an additional 173 shares during the period. Sierra Summit Advisors LLC’s holdings in Broadcom were worth $2,437,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Barry Investment Advisors LLC purchased a new position in Broadcom during the 4th quarter valued at approximately $228,000. Capital International Ltd. CA boosted its position in shares of Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after acquiring an additional 1,310 shares during the last quarter. Focus Financial Network Inc. ADV purchased a new position in shares of Broadcom in the fourth quarter valued at $2,238,000. Gryphon Financial Partners LLC increased its position in Broadcom by 99.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares during the last quarter. Finally, Steward Partners Investment Solutions LLC purchased a new stake in Broadcom during the fourth quarter valued at $2,205,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $167.69 on Monday. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $188.15 and a two-hundred day simple moving average of $157.03. The stock has a market capitalization of $780.58 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is 9.12%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. The Goldman Sachs Group lifted their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group dropped their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Benchmark restated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. JPMorgan Chase & Co. raised their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Mizuho boosted their target price on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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.