Broadcom (NASDAQ:AVGO) Stock Price Down 0.7% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s stock price was down 0.7% on Tuesday after an insider sold shares in the company. The stock traded as low as $1,577.01 and last traded at $1,580.56. Approximately 1,383,668 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 3,106,957 shares. The stock had previously closed at $1,592.21.

Specifically, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 44,474 shares of the company’s stock, valued at $60,819,084.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. In the last three months, insiders sold 10,364 shares of company stock worth $13,953,966. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Melius initiated coverage on shares of Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price objective on the stock. Sanford C. Bernstein raised their price objective on shares of Broadcom from $1,600.00 to $1,950.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $1,560.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. Melius Research initiated coverage on shares of Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price objective on the stock. Finally, UBS Group raised their price objective on shares of Broadcom from $1,610.00 to $1,735.00 and gave the company a “buy” rating in a research note 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Trading Up 0.7 %

The company has a market cap of $741.06 billion, a price-to-earnings ratio of 68.47, a PEG ratio of 2.74 and a beta of 1.17. The business’s 50 day moving average price is $1,412.94 and its 200-day moving average price is $1,294.23. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02.

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

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same period last year, the company earned $9.51 EPS. The firm’s revenue was up 43.0% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 37.19 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 annualized dividend and a yield of 1.32%. Broadcom’s dividend payout ratio is presently 90.32%.

Institutional Investors Weigh In On Broadcom

Hedge funds have recently added to or reduced their stakes in the business. Stuart Chaussee & Associates Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $25,000. Legend Financial Advisors Inc. grew its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. PSI Advisors LLC grew its stake in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 10 shares in the last quarter. BKM Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth $29,000. Finally, Richardson Capital Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth about $29,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.