Cape ANN Savings Bank Has $1.47 Million Stake in Broadcom Inc. $AVGO

Cape ANN Savings Bank increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 148.7% during the third quarter, Holdings Channel reports. The fund owned 4,441 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,655 shares during the quarter. Cape ANN Savings Bank’s holdings in Broadcom were worth $1,465,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AVGO. Alliance Wealth Advisors LLC raised its position in shares of Broadcom by 5.2% in the third quarter. Alliance Wealth Advisors LLC now owns 3,323 shares of the semiconductor manufacturer’s stock valued at $1,096,000 after purchasing an additional 165 shares during the period. Global X Japan Co. Ltd. grew its stake in Broadcom by 1.9% in the 3rd quarter. Global X Japan Co. Ltd. now owns 196,740 shares of the semiconductor manufacturer’s stock valued at $64,906,000 after buying an additional 3,687 shares during the last quarter. Manchester Financial Inc. raised its holdings in Broadcom by 13.5% in the 3rd quarter. Manchester Financial Inc. now owns 7,579 shares of the semiconductor manufacturer’s stock valued at $2,500,000 after acquiring an additional 899 shares during the period. CogentBlue Wealth Advisors LLC lifted its position in Broadcom by 42.0% during the third quarter. CogentBlue Wealth Advisors LLC now owns 1,843 shares of the semiconductor manufacturer’s stock worth $608,000 after acquiring an additional 545 shares during the last quarter. Finally, Stanich Group LLC bought a new stake in shares of Broadcom during the third quarter worth approximately $222,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 0.5%

AVGO opened at $352.13 on Friday. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The company has a 50-day simple moving average of $362.74 and a 200 day simple moving average of $324.51. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.67 trillion, a price-to-earnings ratio of 73.98, a P/E/G ratio of 1.21 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period last year, the firm earned $1.42 EPS. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be given a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $430.00 target price (up previously from $375.00) on shares of Broadcom in a research note on Friday, December 12th. Susquehanna reiterated a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Barclays reissued an “overweight” rating and issued a $500.00 target price (up previously from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Argus upped their price target on shares of Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Finally, The Goldman Sachs Group set a $435.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $436.33.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 1,928 shares of the firm’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the sale, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the transaction, the chief executive officer owned 595,638 shares in the company, valued at approximately $194,189,900.76. The trade was a 17.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 524,780 shares of company stock valued at $195,499,150. Corporate insiders own 2.00% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.