Cape ANN Savings Bank Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cape ANN Savings Bank cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.9% in the fourth quarter, HoldingsChannel reports. The firm owned 1,693 shares of the semiconductor manufacturer’s stock after selling 50 shares during the quarter. Cape ANN Savings Bank’s holdings in Broadcom were worth $393,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. AMF Tjanstepension AB boosted its stake in Broadcom by 856.9% during the third quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock worth $175,101,000 after buying an additional 908,585 shares during the period. Alpha Financial Partners LLC purchased a new position in Broadcom during the third quarter worth $404,000. Wealth Group Ltd. lifted its position in shares of Broadcom by 900.0% during the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock worth $304,000 after purchasing an additional 1,584 shares during the last quarter. Swedbank AB lifted its position in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Finally, Howard Capital Management Group LLC lifted its position in shares of Broadcom by 2,219.8% during the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Barclays lifted their target price on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Jefferies Financial Group lifted their target price on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. TD Cowen lifted their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Mizuho lifted their price objective on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Stock Down 2.6 %

Shares of NASDAQ:AVGO opened at $202.54 on Wednesday. The business has a 50-day moving average price of $228.49 and a 200 day moving average price of $191.31. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $949.38 billion, a price-to-earnings ratio of 165.21, a PEG ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.17%. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is currently 191.87%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last three months. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.