Penobscot Investment Management Company Inc. Sells 12,099 Shares of Broadcom Inc. $AVGO

Key Points

• Penobscot Investment trimmed its stake in Broadcom by 6.8% in Q4, selling 12,099 shares and now holding 165,618 shares worth $57.32 million, which represents 4.3% of the firm's holdings and is its 4th largest position.
• Significant insider selling: CFO Kirsten M. Spears sold 36,292 shares and S. Ram Velaga sold 38,841 shares on March 17, and insiders have disposed of 324,282 shares in the past 90 days while owning 1.90% of the stock.
• Analyst bullishness and fundamentals: Street coverage is largely positive with a consensus rating of "Moderate Buy" and a $435.30 target, several firms raising targets up to $545, and Broadcom recently beat Q results with $19.31 billion revenue (up 29.5%) and a slight EPS beat.

Penobscot Investment Management Company Inc. trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,618 shares of the semiconductor manufacturer's stock after selling 12,099 shares during the period. Broadcom comprises 4.3% of Penobscot Investment Management Company Inc.'s holdings, making the stock its 4th largest position. Penobscot Investment Management Company Inc.'s holdings in Broadcom were worth $57,320,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CFM Wealth Partners LLC grew its holdings in Broadcom by 13.9% during the fourth quarter. CFM Wealth Partners LLC now owns 26,784 shares of the semiconductor manufacturer's stock worth $9,270,000 after acquiring an additional 3,278 shares during the period. Emerald Advisors LLC grew its holdings in Broadcom by 13.6% during the fourth quarter. Emerald Advisors LLC now owns 7,020 shares of the semiconductor manufacturer's stock worth $2,430,000 after acquiring an additional 843 shares during the period. Family Capital Management Inc. grew its holdings in Broadcom by 4.7% during the fourth quarter. Family Capital Management Inc. now owns 5,422 shares of the semiconductor manufacturer's stock worth $1,877,000 after acquiring an additional 245 shares during the period. Optas LLC boosted its position in Broadcom by 1.2% during the fourth quarter. Optas LLC now owns 33,511 shares of the semiconductor manufacturer's stock worth $11,598,000 after purchasing an additional 404 shares in the last quarter. Finally, Stevens Capital Partners boosted its position in Broadcom by 108.1% during the fourth quarter. Stevens Capital Partners now owns 3,382 shares of the semiconductor manufacturer's stock worth $1,171,000 after purchasing an additional 1,757 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. JPMorgan Chase & Co. increased their price target on Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Rosenblatt Securities reiterated a "buy" rating and set a $500.00 price target on shares of Broadcom in a research report on Tuesday, April 7th. Truist Financial increased their price target on Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Royal Bank Of Canada lowered their price target on Broadcom from $370.00 to $340.00 and set a "sector perform" rating on the stock in a research report on Monday, March 2nd. Finally, Wells Fargo & Company upgraded Broadcom from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $410.00 to $430.00 in a research report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $435.30.

Broadcom News Summary

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Big partner momentum — Broadcom’s rally has been bolstered by partnership/news flow (notably Google’s new AI chip roadmap) that helped push the stock to record market‑cap levels, reinforcing the company’s custom AI-silicon narrative. Read More.
• Positive Sentiment: Strong analyst conviction — Street coverage is overwhelmingly bullish (most analysts rate AVGO a Buy and 12‑month targets imply double‑digit upside), which underpins longer‑term demand from institutions. Read More.
• Positive Sentiment: Upgraded price‑target narratives and bullish writeups are feeding momentum trades and ETF inflows into semiconductors, supporting AVGO’s valuation case amid strong revenue growth and expanding custom‑silicon sales. Read More.
• Neutral Sentiment: Semi/AI ETF dynamics are amplifying moves both ways — sector ETFs and momentum products have been heavy buyers recently, which can accelerate upside but also amplify volatility on headlines. Read More.
• Negative Sentiment: OpenAI miss spooked the AI infrastructure trade — reports that OpenAI missed internal user/revenue goals rattled hyperscaler capex expectations and triggered a sector pullback that pressured Broadcom along with other AI‑exposed chip names. Read More.
• Negative Sentiment: Broad sector weakness — broader declines in AI chip leaders (reported by Barron's) and short‑term technical/profit‑taking flows have pulled AVGO down despite the positive fundamentals. Read More.
• Negative Sentiment: Near‑term trading volatility: market‑timed pullbacks and headline risk are already reflected in recent intraday declines — watch quarterly cadence, hyperscaler order disclosures, and any update on customer concentration risk. Read More.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 36,292 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total value of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares in the company, valued at $105,407,616. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider S. Ram Velaga sold 38,841 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $12,491,265.60. Following the completion of the transaction, the insider owned 96,147 shares in the company, valued at approximately $30,920,875.20. This trade represents a 28.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $399.83 on Wednesday. The company has a market cap of $1.89 trillion, a PE ratio of 78.09, a price-to-earnings-growth ratio of 0.86 and a beta of 1.24. The stock's 50 day simple moving average is $344.25 and its 200-day simple moving average is $348.93. Broadcom Inc. has a 1-year low of $184.02 and a 1-year high of $429.31. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. The business had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business's quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.60 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is 50.78%.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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