Broadcom (NASDAQ:AVGO) Stock Price Down 1.7% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO) was down 1.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $1,296.02 and last traded at $1,308.87. 752,538 shares traded hands during trading, a decline of 76% from the average daily volume of 3,084,271 shares. The stock had previously closed at $1,331.49.

Specifically, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at $28,039,603.20. The disclosure for this sale can be found here. Insiders sold 19,810 shares of company stock valued at $26,107,692 over the last quarter. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AVGO shares. Susquehanna upped their target price on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Mizuho upped their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Barclays assumed coverage on shares of Broadcom in a report on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price objective for the company. Rosenblatt Securities restated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $1,230.18.

Broadcom Stock Performance

The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average is $1,271.85 and its two-hundred day moving average is $1,063.26. The stock has a market capitalization of $614.22 billion, a P/E ratio of 49.13, a P/E/G ratio of 2.78 and a beta of 1.26.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the previous year, the company posted $9.83 earnings per share. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be paid a $5.25 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.58%. Broadcom’s payout ratio is 77.84%.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently modified their holdings of the stock. Horizon Family Wealth Inc. raised its position in shares of Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 8 shares in the last quarter. Tucker Asset Management LLC raised its holdings in Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares in the last quarter. BetterWealth LLC lifted its position in Broadcom by 1.5% in the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after purchasing an additional 9 shares during the period. Sargent Investment Group LLC increased its position in shares of Broadcom by 1.6% during the 4th quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock valued at $622,000 after purchasing an additional 9 shares during the period. Finally, Centric Wealth Management raised its stake in shares of Broadcom by 1.6% in the 4th quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock worth $646,000 after buying an additional 9 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.