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

Orrstown Financial Services Inc. decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in Broadcom during the 4th quarter worth about $357,000. Capital & Planning LLC boosted its holdings in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC boosted its holdings in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC increased its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom during the fourth quarter worth approximately $71,312,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the company's 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. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $272.71.

Broadcom Price Performance

Shares of Broadcom stock traded up $8.28 on Wednesday, hitting $252.91. The company's stock had a trading volume of 24,063,734 shares, compared to its average volume of 29,036,064. The company has a market capitalization of $1.19 trillion, a P/E ratio of 206.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a fifty day moving average price of $206.98 and a 200-day moving average price of $207.63. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

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

Broadcom declared that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

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.