Hock E. Tan Sells 10,000 Shares of Broadcom Inc. (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the sale, the chief executive officer now owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Broadcom Price Performance

Shares of Broadcom stock traded up $1.23 on Thursday, hitting $171.89. 13,056,907 shares of the company traded hands, compared to its average volume of 31,268,096. The stock has a market capitalization of $800.13 billion, a P/E ratio of 7.44, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. 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 Inc. has a 52 week low of $81.17 and a 52 week high of $185.16. The business has a 50-day simple moving average of $158.69 and a 200 day simple moving average of $149.13.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Oppenheimer dropped their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of Broadcom in a research report on Friday, September 6th. The Goldman Sachs Group raised their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Mizuho upped their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $189.23.

Institutional Investors Weigh In On Broadcom

Large investors have recently bought and sold shares of the business. AXA S.A. increased its position in Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares during the period. Shellback Capital LP purchased a new position in Broadcom during the second quarter worth $60,368,000. NewEdge Advisors LLC boosted its stake in Broadcom by 13.7% during the second quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor manufacturer’s stock worth $152,542,000 after buying an additional 11,422 shares during the period. Finally, DigitalBridge Group Inc. purchased a new position in Broadcom during the second quarter worth $17,658,000. 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.