Broadcom (NASDAQ:AVGO) Trading 0.7% Higher – Here’s What Happened

by · The Markets Daily

Broadcom Inc. (NASDAQ:AVGO – Get Free Report) shares shot up 0.7% on Wednesday . The company traded as high as $170.00 and last traded at $169.66. 3,916,650 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 30,301,953 shares. The stock had previously closed at $168.52.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Morgan Stanley raised their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Evercore ISI raised their price target on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, Barclays lifted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.48.

Read Our Latest Research Report on AVGO

Broadcom Price Performance

The stock has a market cap of $724.15 billion, a price-to-earnings ratio of 125.62, a PEG ratio of 2.29 and a beta of 1.01. The company’s 50 day moving average is $203.54 and its 200 day moving average is $196.08. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.53%. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the transaction, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 745,976 shares of company stock valued at $138,632,902 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

A number of large investors have recently made changes to their positions in AVGO. Central Pacific Bank Trust Division grew its holdings in shares of Broadcom by 20.5% during the first quarter. Central Pacific Bank Trust Division now owns 25,260 shares of the semiconductor manufacturer’s stock worth $4,229,000 after buying an additional 4,305 shares in the last quarter. First Hawaiian Bank boosted its position in Broadcom by 11.4% during the first quarter. First Hawaiian Bank now owns 38,372 shares of the semiconductor manufacturer’s stock worth $6,425,000 after acquiring an additional 3,936 shares during the last quarter. Legacy Wealth Management LLC MS grew its stake in Broadcom by 13.7% in the 1st quarter. Legacy Wealth Management LLC MS now owns 8,644 shares of the semiconductor manufacturer’s stock worth $1,447,000 after acquiring an additional 1,040 shares during the period. Lederer & Associates Investment Counsel CA raised its holdings in Broadcom by 4.9% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 13,757 shares of the semiconductor manufacturer’s stock valued at $2,303,000 after acquiring an additional 645 shares during the last quarter. Finally, Waller Financial Planning Group Inc. lifted its stake in shares of Broadcom by 56.2% during the 1st quarter. Waller Financial Planning Group Inc. now owns 1,904 shares of the semiconductor manufacturer’s stock worth $319,000 after purchasing an additional 685 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

(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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