Broadcom (NASDAQ:AVGO) CEO Sells $42,382,600.00 in Stock

by · The Cerbat Gem

Broadcom Inc. (NASDAQ:AVGOGet Free Report) CEO Hock Tan sold 130,000 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the sale, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. The trade was a 17.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $1.47 on Monday, hitting $341.83. The company’s stock had a trading volume of 28,300,122 shares, compared to its average volume of 26,932,619. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The company has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 71.81, a price-to-earnings-growth ratio of 1.17 and a beta of 1.19. The stock’s 50-day moving average is $362.98 and its two-hundred day moving average is $321.53. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%.Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be given a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 54.62%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Arthur M. Cohen & Associates LLC raised its holdings in Broadcom by 0.6% during the third quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after buying an additional 30 shares during the last quarter. Jackson Hole Capital Partners LLC lifted its position in shares of Broadcom by 1.4% during the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after buying an additional 30 shares in the last quarter. Private Wealth Partners LLC lifted its holdings in Broadcom by 0.7% during the third quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer’s stock worth $1,410,000 after acquiring an additional 30 shares during the period. Planning Alternatives Ltd. ADV boosted its holdings in shares of Broadcom by 1.4% in the 3rd quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 30 shares during the last quarter. Finally, Bell Investment Advisors Inc grew its position in shares of Broadcom by 1.9% during the 3rd quarter. Bell Investment Advisors Inc now owns 1,638 shares of the semiconductor manufacturer’s stock valued at $540,000 after acquiring an additional 30 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Rosenblatt Securities raised their target price on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Bank of America lifted their price objective on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Barclays restated an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 15th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $436.33.

View Our Latest Stock Report on AVGO

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About Broadcom

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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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