Kennebec Savings Bank Makes New $1.60 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Kennebec Savings Bank purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 9,272 shares of the semiconductor manufacturer's stock, valued at approximately $1,599,000. Broadcom comprises 1.6% of Kennebec Savings Bank's investment portfolio, making the stock its 14th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. NJ State Employees Deferred Compensation Plan lifted its stake in Broadcom by 900.0% in the third quarter. NJ State Employees Deferred Compensation Plan now owns 9,360 shares of the semiconductor manufacturer's stock valued at $1,615,000 after buying an additional 8,424 shares during the period. New Jersey Better Educational Savings Trust grew its holdings in Broadcom by 900.0% during the third quarter. New Jersey Better Educational Savings Trust now owns 1,940 shares of the semiconductor manufacturer's stock worth $335,000 after buying an additional 1,746 shares in the last quarter. Ashton Thomas Securities LLC grew its holdings in Broadcom by 1,039.5% during the third quarter. Ashton Thomas Securities LLC now owns 8,068 shares of the semiconductor manufacturer's stock worth $1,392,000 after buying an additional 7,360 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Broadcom by 608.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,217,987 shares of the semiconductor manufacturer's stock valued at $382,603,000 after purchasing an additional 1,904,744 shares during the period. Finally, State of New Jersey Common Pension Fund D grew its stake in Broadcom by 904.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 1,627,453 shares of the semiconductor manufacturer's stock valued at $280,736,000 after purchasing an additional 1,465,502 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of several research reports. Cantor Fitzgerald increased their price target on Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Mizuho increased their price target on Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. William Blair initiated coverage on Broadcom in a research note on Wednesday, September 18th. They set an "outperform" rating for the company. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Finally, StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a report on Tuesday, July 23rd. Two investment 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, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $192.79.

Broadcom Stock Performance

NASDAQ:AVGO traded down $3.20 during mid-day trading on Thursday, hitting $170.38. 20,618,991 shares of the company traded hands, compared to its average volume of 29,565,154. The stock's fifty day moving average price is $171.93 and its 200-day moving average price is $158.86. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $795.77 billion, a price-to-earnings ratio of 150.74, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. Research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.24%. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is 184.19%.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company's stock, valued at approximately $126,754,425.60. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate insiders.

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.