Broadcom (NASDAQ:AVGO) Shares Down 0.8%

Broadcom Inc. (NASDAQ:AVGO) dropped 0.8% on Thursday . The stock traded as low as $1,225.67 and last traded at $1,232.92. Approximately 530,410 shares traded hands during trading, a decline of 82% from the average daily volume of 2,880,453 shares. The stock had previously closed at $1,242.86.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Cantor Fitzgerald increased their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Mizuho boosted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Susquehanna upped their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Finally, Barclays raised their price objective on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Trading Up 3.2 %

The stock’s fifty day simple moving average is $1,309.02 and its 200 day simple moving average is $1,145.17. The firm has a market capitalization of $592.30 billion, a PE ratio of 47.37, a PEG ratio of 2.52 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the business posted $9.83 EPS. On average, sell-side analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.64%. Broadcom’s payout ratio is currently 77.84%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at $220,583,976. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently modified their holdings of the stock. Howland Capital Management LLC boosted its holdings in shares of Broadcom by 2.3% during the 1st quarter. Howland Capital Management LLC now owns 487 shares of the semiconductor manufacturer’s stock valued at $645,000 after purchasing an additional 11 shares during the last quarter. SPC Financial Inc. boosted its stake in Broadcom by 3.8% during the first quarter. SPC Financial Inc. now owns 731 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 27 shares during the last quarter. McClarren Financial Advisors Inc. boosted its stake in Broadcom by 2,606.1% during the first quarter. McClarren Financial Advisors Inc. now owns 1,326 shares of the semiconductor manufacturer’s stock valued at $1,757,000 after buying an additional 1,277 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Broadcom by 52.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 8,063 shares of the semiconductor manufacturer’s stock valued at $10,687,000 after buying an additional 2,767 shares in the last quarter. Finally, 9258 Wealth Management LLC increased its stake in Broadcom by 2.4% in the 1st quarter. 9258 Wealth Management LLC now owns 3,979 shares of the semiconductor manufacturer’s stock worth $5,274,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

About Broadcom

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.