Broadcom (NASDAQ:AVGO) Shares Down 0.3% Following Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s share price was down 0.3% during mid-day trading on Thursday following insider selling activity. The company traded as low as $1,311.53 and last traded at $1,315.23. Approximately 370,228 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 3,069,423 shares. The stock had previously closed at $1,318.73.

Specifically, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the sale, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the transaction, the chief financial officer now owns 26,880 shares in the company, valued at $28,039,603.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,810 shares of company stock valued at $26,107,692. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several recent research reports. Susquehanna increased their target price 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. Truist Financial increased their target price on shares of Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Citigroup restated a “buy” rating and set a $1,100.00 target price on shares of Broadcom in a report on Monday, December 11th. Oppenheimer restated an “outperform” rating and set a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $1,230.18.

Broadcom Trading Up 0.2 %

The business’s fifty day moving average is $1,267.55 and its 200-day moving average is $1,061.46. The firm has a market cap of $612.45 billion, a P/E ratio of 48.75, a price-to-earnings-growth ratio of 2.81 and a beta of 1.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.83 EPS. Analysts predict that Broadcom Inc. will post 36.8 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a dividend of $5.25 per share. The ex-dividend date is Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.59%. Broadcom’s payout ratio is presently 77.84%.

Institutional Trading of Broadcom

A number of hedge funds and other institutional investors have recently bought and sold shares of AVGO. Morningstar Investment Services LLC grew its position in Broadcom by 50.1% during the second quarter. Morningstar Investment Services LLC now owns 755 shares of the semiconductor manufacturer’s stock valued at $649,000 after buying an additional 252 shares during the period. RMR Wealth Builders grew its position in Broadcom by 6.5% during the third quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock valued at $5,284,000 after acquiring an additional 388 shares during the last quarter. Czech National Bank grew its holdings in shares of Broadcom by 46.1% in the third quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer’s stock worth $59,909,000 after purchasing an additional 22,774 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Broadcom in the second quarter worth approximately $4,684,000. Finally, Aspen Grove Capital LLC lifted its stake in Broadcom by 3.5% in the second quarter. Aspen Grove Capital LLC now owns 1,486 shares of the semiconductor manufacturer’s stock worth $1,289,000 after acquiring an additional 50 shares during the period. 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.