Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Bangor Savings Bank

Bangor Savings Bank grew its position in Broadcom Inc. (NASDAQ:AVGO) by 934.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,449 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,019 shares during the period. Bangor Savings Bank’s holdings in Broadcom were worth $767,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Ignite Planners LLC grew its stake in Broadcom by 881.8% during the third quarter. Ignite Planners LLC now owns 14,236 shares of the semiconductor manufacturer’s stock worth $2,456,000 after buying an additional 12,786 shares during the period. Bath Savings Trust Co boosted its position in Broadcom by 893.5% during the 3rd quarter. Bath Savings Trust Co now owns 1,520 shares of the semiconductor manufacturer’s stock worth $262,000 after purchasing an additional 1,367 shares during the period. Greenfield Savings Bank increased its holdings in Broadcom by 1,816.4% in the 3rd quarter. Greenfield Savings Bank now owns 2,798 shares of the semiconductor manufacturer’s stock valued at $483,000 after purchasing an additional 2,652 shares in the last quarter. Heartwood Wealth Advisors LLC raised its position in Broadcom by 1,016.8% in the third quarter. Heartwood Wealth Advisors LLC now owns 1,530 shares of the semiconductor manufacturer’s stock valued at $264,000 after purchasing an additional 1,393 shares during the period. Finally, Atwood & Palmer Inc. raised its position in Broadcom by 503.7% in the third quarter. Atwood & Palmer Inc. now owns 1,980 shares of the semiconductor manufacturer’s stock valued at $342,000 after purchasing an additional 1,652 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. William Blair began coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Bank of America reaffirmed a “buy” rating and issued a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Citigroup reissued a “buy” rating and set a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Truist Financial boosted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $189.23.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred 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 owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,452 shares of company stock valued at $56,396,638 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.9 %

NASDAQ AVGO opened at $175.08 on Tuesday. Broadcom Inc. has a 12 month low of $81.83 and a 12 month high of $185.16. The company has a market capitalization of $814.98 billion, a P/E ratio of 7.53, a PEG ratio of 2.78 and a beta of 1.17. The company’s 50 day simple moving average is $159.64 and its 200 day simple moving average is $149.81. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results 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 company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 earnings per share. Equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.21%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.