Orrstown Financial Services Inc. Purchases 8,207 Shares of Broadcom Inc. (NASDAQ:AVGO)

Orrstown Financial Services Inc. lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 2,338.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,558 shares of the semiconductor manufacturer’s stock after purchasing an additional 8,207 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Broadcom were worth $1,476,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares in the last quarter. Swedbank AB grew its position in Broadcom by 858.7% in the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after acquiring an additional 16,453,718 shares in the last quarter. Raymond James & Associates grew its position in Broadcom by 855.4% in the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after acquiring an additional 11,347,563 shares in the last quarter. International Assets Investment Management LLC grew its position in Broadcom by 226,130.5% in the third quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock worth $14,224,520,000 after acquiring an additional 8,242,455 shares in the last quarter. Finally, Pathway Financial Advisers LLC grew its position in Broadcom by 156,028.8% in the third quarter. Pathway Financial Advisers LLC now owns 7,284,970 shares of the semiconductor manufacturer’s stock worth $1,256,657,000 after acquiring an additional 7,280,304 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. 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 through this hyperlink. In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $169.77 on Friday. The business’s fifty day simple moving average is $168.89 and its 200-day simple moving average is $155.80. The company has a market cap of $790.26 billion, a PE ratio of 147.63, a PEG ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $83.26 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business 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 business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. Analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.25%. Broadcom’s payout ratio is 184.35%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Oppenheimer dropped their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Finally, TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

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.