Broadcom (NASDAQ:AVGO) Trading Down 0.5%

Broadcom Inc. (NASDAQ:AVGO)’s share price dropped 0.5% on Tuesday . The company traded as low as $161.11 and last traded at $163.18. Approximately 4,726,365 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 31,358,043 shares. The stock had previously closed at $164.02.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Evercore ISI increased their price target on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Citigroup reissued a “buy” rating and set a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Truist Financial lifted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Down 0.5 %

The business has a 50 day moving average of $156.94 and a two-hundred day moving average of $146.43. The stock has a market capitalization of $752.55 billion, a PE ratio of 6.95, a PEG ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 earnings per share. Analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AVGO. Summit Wealth Partners LLC increased its position in shares of Broadcom by 100.4% in the 2nd quarter. Summit Wealth Partners LLC now owns 499 shares of the semiconductor manufacturer’s stock valued at $801,000 after acquiring an additional 250 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in shares of Broadcom by 71.8% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,441 shares of the semiconductor manufacturer’s stock valued at $2,314,000 after purchasing an additional 602 shares during the period. Heritage Wealth Management Inc. purchased a new position in shares of Broadcom in the second quarter worth about $1,381,000. Lazari Capital Management Inc. lifted its holdings in shares of Broadcom by 12.5% during the second quarter. Lazari Capital Management Inc. now owns 1,152 shares of the semiconductor manufacturer’s stock worth $1,850,000 after purchasing an additional 128 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in Broadcom in the second quarter valued at approximately $123,475,000. 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.