Ledyard National Bank Has $32.55 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Ledyard National Bank lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 769.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 188,676 shares of the semiconductor manufacturer’s stock after purchasing an additional 166,969 shares during the period. Broadcom comprises approximately 3.0% of Ledyard National Bank’s holdings, making the stock its 6th biggest position. Ledyard National Bank’s holdings in Broadcom were worth $32,547,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Swedbank AB increased its holdings in Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Raymond James & Associates grew its position in shares of Broadcom by 855.4% during the 3rd quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after acquiring an additional 11,347,563 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Broadcom by 826.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock worth $511,258,000 after purchasing an additional 2,643,845 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Broadcom by 1,005.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,577,226 shares of the semiconductor manufacturer’s stock worth $272,072,000 after purchasing an additional 1,434,564 shares during the period. Finally, Vanguard Group Inc. lifted its position in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 3.3 %

Shares of NASDAQ AVGO opened at $173.51 on Thursday. The stock has a market capitalization of $807.67 billion, a price-to-earnings ratio of 7.46, a P/E/G ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $186.42. 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 firm’s 50-day moving average price is $167.93 and its 200-day moving average price is $154.14.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. During the same period last year, the company earned $0.95 EPS. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Analysts Set New Price Targets

Several research analysts have recently commented on AVGO shares. UBS Group decreased their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Mizuho lifted their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, Rosenblatt Securities cut their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $191.54.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the completion of the sale, the chief executive officer now owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. 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.