Broadcom (NASDAQ:AVGO) Trading Down 2.9% Following Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s share price fell 2.9% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $172.71 and last traded at $174.10. 8,916,096 shares were traded during mid-day trading, a decline of 69% from the average session volume of 28,904,089 shares. The stock had previously closed at $179.27.

Specifically, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms have commented on AVGO. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Bank of America increased their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. JPMorgan Chase & Co. upped their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Piper Sandler raised their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Trading Down 1.7 %

The business’s 50 day simple moving average is $209.48 and its 200-day simple moving average is $195.91. The stock has a market capitalization of $795.19 billion, a P/E ratio of 137.95, a PEG ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Institutional Investors Weigh In On Broadcom

Hedge funds have recently bought and sold shares of the company. Milestone Asset Management Group LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $581,000. Fire Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $1,490,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $823,000. Fairtree Asset Management Pty Ltd acquired a new position in Broadcom during the fourth quarter worth $766,000. Finally, M1 Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at $646,000. 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.