Sierra Summit Advisors LLC Purchases 173 Shares of Broadcom Inc. (NASDAQ:AVGO)

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its position in shares of Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the period. Capital International Investors grew its holdings in Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares during the period. Northern Trust Corp increased its stake in shares of Broadcom by 3.7% during the fourth quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after purchasing an additional 170,063 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. Finally, GQG Partners LLC lifted its holdings in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after purchasing an additional 983,328 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $167.69 on Monday. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The firm has a market capitalization of $780.58 billion, a price-to-earnings ratio of 7.21, a price-to-earnings-growth 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. The firm has a 50 day moving average of $188.15 and a 200 day moving average of $157.03.

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 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 firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

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

Insider Transactions at Broadcom

In related news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $12,798,036.90. Following the completion of the sale, 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. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. Rosenblatt Securities reduced their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Evercore ISI lifted their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Piper Sandler increased their price objective on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Barclays raised their price objective on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Finally, Sanford C. Bernstein increased their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.