Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Orrstown Financial Services Inc.

Orrstown Financial Services Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO) by 13.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,418 shares of the semiconductor manufacturer’s stock after selling 1,146 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Broadcom were worth $1,242,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Evercore ISI lifted their target price on Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research note on Friday. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday. Finally, KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

Broadcom Stock Down 5.0%

Shares of NASDAQ AVGO opened at $246.95 on Friday. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a 50-day moving average price of $203.73 and a 200-day moving average price of $206.52. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Company 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.