Broadcom (NASDAQ:AVGO) Shares Down 2%

Broadcom Inc. (NASDAQ:AVGO)’s share price dropped 2% during trading on Friday . The stock traded as low as $1,678.60 and last traded at $1,699.13. Approximately 2,416,850 shares traded hands during trading, a decline of 20% from the average daily volume of 3,033,666 shares. The stock had previously closed at $1,734.56.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. The Goldman Sachs Group increased their price objective on Broadcom from $1,550.00 to $1,850.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Cantor Fitzgerald raised their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Melius Research initiated coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price target on the stock. Oppenheimer raised their price target on Broadcom from $1,500.00 to $2,000.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $1,700.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,667.48.

Broadcom Stock Down 4.4 %

The stock has a 50 day simple moving average of $1,402.28 and a 200-day simple moving average of $1,282.37. The firm has a market cap of $772.08 billion, a PE ratio of 71.34, a PEG ratio of 3.04 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16.

Broadcom shares are going to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. The firm had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the prior year, the company posted $9.51 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 36.87 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $1,367.52, for a total value of $3,418,800.00. Following the sale, the insider now owns 44,474 shares of the company’s stock, valued at approximately $60,819,084.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,610 shares of company stock worth $23,526,825. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Legend Financial Advisors Inc. increased its position in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $25,000. Richardson Capital Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $29,000. Delta Asset Management LLC TN grew its position in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares in the last quarter. Finally, PSI Advisors LLC grew its position in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.