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

Bangor Savings Bank cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 394 shares of the semiconductor manufacturer’s stock after selling 13 shares during the period. Bangor Savings Bank’s holdings in Broadcom were worth $342,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Envestnet Asset Management Inc. raised its holdings in shares of Broadcom by 756.5% in the first quarter. Envestnet Asset Management Inc. now owns 5,207,035 shares of the semiconductor manufacturer’s stock valued at $404,363,000 after buying an additional 4,599,078 shares during the last quarter. Norges Bank purchased a new stake in Broadcom during the 4th quarter valued at approximately $2,222,676,000. Moneta Group Investment Advisors LLC lifted its position in Broadcom by 122,794.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after acquiring an additional 3,664,177 shares during the period. Providence Capital Advisors LLC grew its stake in shares of Broadcom by 49,919.1% in the 1st quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock valued at $3,799,000 after purchasing an additional 2,432,559 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 33.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,552,519 shares of the semiconductor manufacturer’s stock valued at $2,545,450,000 after purchasing an additional 1,132,038 shares during the period. 78.81% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was bought at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now directly owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction dated 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 transaction, the director now owns 9,123 shares in the company, valued at $7,806,368.64. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Benchmark reaffirmed a “buy” rating and set a $950.00 price target on shares of Broadcom in a report on Friday, September 1st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $905.00 to $950.00 in a report on Friday, September 1st. Truist Financial increased their price target on shares of Broadcom from $942.00 to $995.00 and gave the stock a “buy” rating in a report on Friday, September 8th. Oppenheimer lifted their price objective on Broadcom from $900.00 to $990.00 and gave the company an “outperform” rating in a report on Friday, September 1st. Finally, KeyCorp reissued an “overweight” rating and set a $1,000.00 target price on shares of Broadcom in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $846.14.

Broadcom Trading Down 2.3 %

Shares of AVGO opened at $851.68 on Friday. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $923.67. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. The firm has a 50 day simple moving average of $874.95 and a 200-day simple moving average of $759.33. The stock has a market cap of $351.52 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.10.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.07 earnings per share. Equities analysts forecast that Broadcom Inc. will post 37.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be paid a dividend of $4.60 per share. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 annualized dividend and a dividend yield of 2.16%. Broadcom’s dividend payout ratio is currently 56.58%.

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.