Greenfield Savings Bank Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Greenfield Savings Bank grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,408 shares of the semiconductor manufacturer's stock after acquiring an additional 1,005 shares during the period. Greenfield Savings Bank's holdings in Broadcom were worth $738,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter worth approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.4%

NASDAQ:AVGO traded down $1.15 on Thursday, hitting $259.93. The stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,568. The firm's fifty day simple moving average is $200.31 and its two-hundred day simple moving average is $205.00. The stock has a market cap of $1.22 trillion, a P/E ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. 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 quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's payout ratio is 113.46%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Bank of America dropped their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley raised their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Finally, KeyCorp raised their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $246.00.

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.