Ledyard National Bank Sells 1,017 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ledyard National Bank trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 3.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,563 shares of the semiconductor manufacturer’s stock after selling 1,017 shares during the period. Broadcom accounts for approximately 3.1% of Ledyard National Bank’s investment portfolio, making the stock its 6th biggest holding. Ledyard National Bank’s holdings in Broadcom were worth $29,651,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Crew Capital Management Ltd. acquired a new stake in Broadcom during the 4th quarter worth about $239,000. Intrust Bank NA boosted its stake in shares of Broadcom by 1.7% during the 4th quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after acquiring an additional 99 shares in the last quarter. Orca Investment Management LLC boosted its stake in shares of Broadcom by 9.3% during the 4th quarter. Orca Investment Management LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $2,422,000 after acquiring an additional 185 shares in the last quarter. Naviter Wealth LLC boosted its stake in shares of Broadcom by 23.0% during the 4th quarter. Naviter Wealth LLC now owns 2,543 shares of the semiconductor manufacturer’s stock worth $2,839,000 after acquiring an additional 475 shares in the last quarter. Finally, Investment House LLC boosted its stake in shares of Broadcom by 3.1% during the 4th quarter. Investment House LLC now owns 1,138 shares of the semiconductor manufacturer’s stock worth $1,270,000 after acquiring an additional 34 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Justine Page sold 110 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 110 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 target price (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Benchmark restated a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Finally, Mizuho lifted their target price on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Trading Down 0.4 %

Shares of AVGO stock traded down $5.45 during mid-day trading on Monday, reaching $1,338.62. The company’s stock had a trading volume of 1,336,653 shares, compared to its average volume of 2,915,600. The company’s 50 day simple moving average is $1,308.57 and its 200-day simple moving average is $1,140.88. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $620.34 billion, a PE ratio of 49.62, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter in the previous year, the firm posted $9.83 EPS. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is currently 77.84%.

Broadcom 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.