Broadcom Inc (NASDAQ:AVGO) Sees Significant Increase in Short Interest

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Broadcom Inc (NASDAQ:AVGO) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 6,958,000 shares, a growth of 10.2% from the May 30th total of 6,316,500 shares. Based on an average daily trading volume, of 2,940,000 shares, the short-interest ratio is currently 2.4 days. Currently, 1.8% of the company’s stock are sold short.

In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $264.00, for a total value of $5,280,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 11,922 shares of Broadcom stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold a total of 45,388 shares of company stock worth $12,355,282 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Pinnacle Bank boosted its position in Broadcom by 128.2% during the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares during the period. First Financial Corp IN bought a new stake in shares of Broadcom in the first quarter valued at about $30,000. Daiwa SB Investments Ltd. bought a new stake in shares of Broadcom in the first quarter valued at about $30,000. CX Institutional boosted its position in shares of Broadcom by 555.6% in the first quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after acquiring an additional 100 shares during the period. Finally, Destination Wealth Management bought a new stake in shares of Broadcom in the first quarter valued at about $41,000. 83.93% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on AVGO shares. Deutsche Bank lowered their price objective on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating on the stock in a report on Friday, June 14th. DA Davidson lowered their price objective on shares of Broadcom to $300.00 and set a “buy” rating on the stock in a report on Friday, June 14th. ValuEngine upgraded shares of Vale from a “sell” rating to a “hold” rating in a report on Tuesday. UBS Group lowered their price objective on shares of Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, June 14th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $350.00 price objective on shares of Broadcom in a report on Monday, June 10th. Nine equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and a consensus price target of $298.56.

NASDAQ:AVGO opened at $288.34 on Tuesday. Broadcom has a 1-year low of $200.53 and a 1-year high of $323.20. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The firm has a fifty day moving average price of $274.84. The company has a market capitalization of $113.61 billion, a PE ratio of 15.31, a PEG ratio of 1.39 and a beta of 0.94.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, beating the consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the business earned $4.88 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. Research analysts predict that Broadcom will post 17.3 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th were given a dividend of $2.65 per share. The ex-dividend date was Friday, June 21st. This represents a $10.60 dividend on an annualized basis and a yield of 3.68%. Broadcom’s dividend payout ratio (DPR) is 56.29%.

Broadcom Company Profile

Broadcom Inc 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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