Penobscot Investment Management Company Inc. Decreases Stock Position in Broadcom Inc. $AVGO

Penobscot Investment Management Company Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 1.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 162,414 shares of the semiconductor manufacturer’s stock after selling 3,204 shares during the period. Broadcom comprises approximately 3.9% of Penobscot Investment Management Company Inc.’s holdings, making the stock its 3rd largest position. Penobscot Investment Management Company Inc.’s holdings in Broadcom were worth $50,269,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. ROSS JOHNSON & Associates LLC lifted its holdings in Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 66 shares in the last quarter. SWAN Capital LLC raised its position in shares of Broadcom by 261.9% during the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 55 shares during the last quarter. Networth Advisors LLC raised its position in shares of Broadcom by 546.2% during the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 71 shares during the last quarter. Miller Global Investments LLC purchased a new position in shares of Broadcom in the fourth quarter worth $31,000. Finally, Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. Rosenblatt Securities reaffirmed a “buy” rating and set a $500.00 target price on shares of Broadcom in a research note on Thursday, June 4th. Oppenheimer reiterated an “outperform” rating and issued a $535.00 target price (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. TD Cowen restated a “buy” rating and set a $500.00 price target on shares of Broadcom in a report on Thursday, June 4th. Jefferies Financial Group set a $550.00 target price on Broadcom and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Weiss Ratings lowered shares of Broadcom from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $493.24.

Broadcom Trading Down 0.3%

Shares of Broadcom stock traded down $1.14 during trading on Friday, hitting $399.97. The stock had a trading volume of 14,579,242 shares, compared to its average volume of 26,802,910. Broadcom Inc. has a 12 month low of $269.58 and a 12 month high of $495.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. The firm’s fifty day simple moving average is $405.29 and its 200-day simple moving average is $364.13. The stock has a market cap of $1.90 trillion, a PE ratio of 66.66, a PEG ratio of 0.70 and a beta of 1.45.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s dividend payout ratio is presently 43.33%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $379.19, for a total transaction of $9,479,750.00. Following the completion of the transaction, the insider owned 219,989 shares in the company, valued at $83,417,628.91. The trade was a 10.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 1,890 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares in the company, valued at $12,072,413.88. This trade represents a 5.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,644 shares of company stock valued at $13,982,964 over the last quarter. 1.90% of the stock is currently owned by insiders.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s expanded Apple agreement, valued at more than $30 billion through 2031, strengthens visibility for revenue and highlights demand beyond AI chips. Why Broadcom Stock Rose Today
• Positive Sentiment: Analysts remain upbeat on Broadcom’s AI business, with Jefferies reiterating a Buy rating and a $550 price target as AI chip momentum improves. Broadcom’s (AVGO) AI Chip Momentum Keeps Wall Street Bullish
• Positive Sentiment: Broadcom is being viewed as a broader AI infrastructure winner because its networking products help connect large-scale AI systems, expanding the investment thesis beyond GPUs and custom chips. Broadcom stock’s latest catalyst targets Nvidia where it looks strongest
• Neutral Sentiment: Some coverage notes Broadcom’s near-$2 trillion market value and strong AI revenue growth, but also suggests much of the good news may already be reflected in the stock. Broadcom Is Less Than 5% From the $2 Trillion Club — and Apple Just Committed $30 Billion for More Chips
• Negative Sentiment: Erste Group downgraded Broadcom to Hold, citing valuation concerns, which may be limiting upside after the recent rally. Erste Group downgrades Broadcom to Hold citing valuation concerns

About Broadcom

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.