Norway Savings Bank Has $262,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

Norway Savings Bank lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,130 shares of the semiconductor manufacturer’s stock after selling 85 shares during the quarter. Norway Savings Bank’s holdings in Broadcom were worth $262,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. NCP Inc. increased its position in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares during the last quarter. Strategic Financial Concepts LLC grew its position in Broadcom by 80,715.3% in the second quarter. Strategic Financial Concepts LLC now owns 206,079 shares of the semiconductor manufacturer’s stock worth $3,309,000 after acquiring an additional 205,824 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Broadcom by 168.8% during the 2nd quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock worth $53,046,000 after purchasing an additional 20,753 shares during the last quarter. Mount Lucas Management LP bought a new position in shares of Broadcom during the 2nd quarter valued at $279,000. Finally, Oak Thistle LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $942,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 2.8 %

Shares of AVGO traded down $6.59 on Tuesday, reaching $229.82. 16,629,570 shares of the company’s stock were exchanged, compared to its average volume of 26,619,525. Broadcom Inc. has a 12 month low of $105.20 and a 12 month high of $251.88. The stock has a market capitalization of $1.08 trillion, a P/E ratio of 199.67, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business has a 50 day moving average price of $192.56 and a two-hundred day moving average price of $174.24.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue was up 51.2% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. Research analysts anticipate that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,128 shares of company stock worth $39,099,840. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Morgan Stanley upped their target price on Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research report on Wednesday, December 11th. Evercore ISI upped their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Susquehanna lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $221.88.

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.