Traders Sell Broadcom (AVGO) on Strength (AVGO)

Traders sold shares of Broadcom Inc (NASDAQ:AVGO) on strength during trading hours on Thursday. $171.04 million flowed into the stock on the tick-up and $316.42 million flowed out of the stock on the tick-down, for a money net flow of $145.38 million out of the stock. Of all equities tracked, Broadcom had the 6th highest net out-flow for the day. Broadcom traded up $4.88 for the day and closed at $268.46

Several research analysts recently commented on the company. Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating in a research report on Monday. Sanford C. Bernstein set a $320.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday, June 8th. B. Riley reduced their price target on Broadcom from $310.00 to $308.00 and set a “buy” rating for the company in a research report on Friday, June 8th. Jefferies Financial Group increased their price target on Broadcom from $319.00 to $326.00 and gave the company a “buy” rating in a research report on Friday, June 8th. Finally, Bank of America raised their price objective on Broadcom from $285.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $311.59.

The company has a market capitalization of $107.14 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 1.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.70 and a quick ratio of 5.04.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping the Zacks’ consensus estimate of $4.05 by $0.83. Broadcom had a return on equity of 30.85% and a net margin of 56.32%. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5 billion. During the same quarter last year, the company earned $3.69 EPS. The company’s revenue was up 19.4% on a year-over-year basis. equities analysts expect that Broadcom Inc will post 16.91 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Wednesday, June 20th will be paid a dividend of $1.75 per share. The ex-dividend date of this dividend is Tuesday, June 19th. This represents a $7.00 dividend on an annualized basis and a yield of 2.61%. Broadcom’s dividend payout ratio (DPR) is presently 48.95%.

Broadcom declared that its board has approved a share buyback program on Thursday, April 12th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 12.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In other Broadcom news, CFO Thomas H. Krause sold 2,265 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $256.86, for a total transaction of $581,787.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 7,271 shares of the firm’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $251.23, for a total value of $1,826,693.33. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,912 shares of company stock worth $13,742,816. Corporate insiders own 3.30% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. SeaCrest Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $124,000. We Are One Seven LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $142,000. Independence Bank of Kentucky acquired a new stake in shares of Broadcom in the 4th quarter valued at $188,000. Premia Global Advisors LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $198,000. Finally, Cornerstone Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $210,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Broadcom Company Profile

Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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