Kirsten Spears Sells 3,714 Shares of Broadcom (NASDAQ:AVGO) Stock

by · The Cerbat Gem

Broadcom Inc. (NASDAQ:AVGO – Get Free Report) CFO Kirsten Spears sold 3,714 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total value of $1,217,412.06. Following the sale, the chief financial officer owned 307,237 shares of the company’s stock, valued at $100,709,216.23. The trade was a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Broadcom Stock Up 1.2%

AVGO traded up $3.86 on Thursday, reaching $329.88. 54,325,954 shares of the company traded hands, compared to its average volume of 35,720,564. The company has a market cap of $1.56 trillion, a price-to-earnings ratio of 69.30, a PEG ratio of 1.09 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The stock’s 50 day moving average price is $362.96 and its 200-day moving average price is $319.95. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business’s revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.42 EPS. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be issued a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is 49.58%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVGO. Robert W. Baird set a $420.00 target price on Broadcom in a research note on Friday, December 12th. UBS Group set a $475.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research note on Monday. Susquehanna reiterated a “positive” rating and set a $450.00 target price (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Bank of America raised their price target on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Benchmark increased their price objective on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $435.96.

Read Our Latest Stock Analysis on Broadcom

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVGO. Sawyer & Company Inc grew its stake in shares of Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares in the last quarter. JCIC Asset Management Inc. bought a new position in Broadcom in the third quarter valued at $31,000. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom in the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. acquired a new stake in Broadcom in the 2nd quarter valued at $28,000. Finally, Teachers Insurance & Annuity Association of America acquired a new position in shares of Broadcom during the 2nd quarter worth about $28,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Company Profile

(Get Free Report)

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.

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