Broadcom (NASDAQ:AVGO) Stock Price Down 0.6%

Broadcom Inc. (NASDAQ:AVGO) was down 0.6% during trading on Tuesday . The stock traded as low as $1,623.42 and last traded at $1,631.61. Approximately 813,350 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 3,179,088 shares. The stock had previously closed at $1,640.80.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent analyst reports. Truist Financial upped their target price on shares of Broadcom from $1,566.00 to $2,045.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. UBS Group upped their price target on Broadcom from $1,610.00 to $1,735.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. The Goldman Sachs Group lifted their price objective on Broadcom from $1,550.00 to $1,850.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Morgan Stanley reissued an “overweight” rating and issued a $1,658.00 target price on shares of Broadcom in a report on Monday, June 10th. Finally, Melius initiated coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price target for the company. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,673.04.

Broadcom Stock Up 4.3 %

The firm has a market cap of $804.93 billion, a price-to-earnings ratio of 74.38, a PEG ratio of 2.79 and a beta of 1.17. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The firm has a fifty day moving average price of $1,450.19 and a 200-day moving average price of $1,312.93.

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

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same period last year, the company earned $9.51 EPS. The firm’s quarterly revenue was up 43.0% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were issued a $5.25 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a yield of 1.21%. Broadcom’s payout ratio is 90.32%.

Insiders Place Their Bets

In other news, Director Justine Page sold 254 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Justine Page sold 254 shares of Broadcom stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1,750.26, for a total value of $444,566.04. Following the transaction, the director now owns 2,748 shares in the company, valued at $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. Insiders have sold a total of 5,864 shares of company stock valued at $7,910,666 over the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Horizon Family Wealth Inc. raised its stake in shares of Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 8 shares during the period. Tucker Asset Management LLC boosted its position in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares during the period. Buckley Wealth Management LLC increased its holdings in Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after purchasing an additional 8 shares in the last quarter. Legend Financial Advisors Inc. raised 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 valued at $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC lifted its stake in shares of Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after purchasing an additional 8 shares in the last quarter. Hedge funds and other 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.