Broadcom (NASDAQ:AVGO) Stock Price Down 0.8% Following Insider Selling

by · The Markets Daily

Shares of Broadcom Inc. (NASDAQ:AVGO – Get Free Report) traded down 0.8% during trading on Thursday following insider selling activity. The stock traded as low as $220.80 and last traded at $221.85. 12,754,476 shares changed hands during trading, a decline of 57% from the average session volume of 29,987,789 shares. The stock had previously closed at $223.62.

Specifically, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several analysts recently commented on AVGO shares. Benchmark reissued a “buy” rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Evercore ISI lifted their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. JPMorgan Chase & Co. upped their target price on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Barclays boosted their price objective on Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $221.88.

Get Our Latest Analysis on AVGO

Broadcom Stock Up 1.1 %

The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business has a 50 day moving average of $179.49 and a 200 day moving average of $167.66. The firm has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 191.82, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the business earned $0.98 EPS. The firm’s revenue was up 51.2% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.07%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio is 191.87%.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in the company. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its position in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. JDM Financial Group LLC increased its holdings in Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares in the last quarter. Tsfg LLC raised its position in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the last quarter. Finally, Cedar Wealth Management LLC boosted its stake in Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after purchasing an additional 216 shares in the last quarter. 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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