Broadcom Inc. (NASDAQ:AVGO – Get Free Report) was down 4.2% on Thursday . The stock traded as low as $167.64 and last traded at $169.16. Approximately 5,828,660 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 30,052,100 shares. The stock had previously closed at $176.64.
Analyst Upgrades and Downgrades
A number of research firms have commented on AVGO. Truist Financial boosted their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Rosenblatt Securities cut their price objective 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. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark reiterated a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, Oppenheimer dropped their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $191.54.
Broadcom Trading Down 4.5 %
The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company’s fifty day moving average is $168.74 and its 200-day moving average is $155.58. The firm has a market capitalization of $785.28 billion, a P/E ratio of 147.10, a P/E/G ratio of 2.99 and a beta of 1.17.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 184.35%.
Insider Buying and Selling at Broadcom
In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Broadcom
Several large investors have recently modified their holdings of the business. Tempus Wealth Planning LLC acquired a new stake in shares of Broadcom during the 1st quarter worth about $203,000. Park Edge Advisors LLC lifted its holdings in Broadcom by 28.2% during the 1st quarter. Park Edge Advisors LLC now owns 842 shares of the semiconductor manufacturer’s stock worth $1,116,000 after purchasing an additional 185 shares during the last quarter. American National Bank & Trust Co. VA bought a new stake in Broadcom in the 1st quarter valued at $5,055,000. Marshall Financial Group LLC lifted its holdings in shares of Broadcom by 2.2% during the first quarter. Marshall Financial Group LLC now owns 2,695 shares of the semiconductor manufacturer’s stock worth $3,572,000 after buying an additional 58 shares in the last quarter. Finally, Whelan Financial raised its stake in Broadcom by 29.7% in the 1st quarter. Whelan Financial now owns 262 shares of the semiconductor manufacturer’s stock worth $347,000 after purchasing an additional 60 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Broadcom Company 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.