Broadcom (NASDAQ:AVGO) Stock Price Down 3.8% Following Insider Selling

Broadcom Inc. (NASDAQ:AVGO) was down 3.8% on Monday following insider selling activity. The company traded as low as $160.62 and last traded at $162.74. Approximately 9,068,485 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 30,293,165 shares. The stock had previously closed at $169.12.

Specifically, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AVGO shares. Truist Financial raised their price objective on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Jefferies Financial Group boosted their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Barclays increased their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Up 0.7 %

The firm has a 50-day moving average of $206.64 and a two-hundred day moving average of $196.54. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $792.37 billion, a PE ratio of 137.46, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Centre Asset Management LLC acquired a new position in Broadcom during the first quarter valued at approximately $4,795,000. Hobart Private Capital LLC purchased a new position in shares of Broadcom in the 1st quarter valued at $216,000. Trust Co of the South lifted its holdings in shares of Broadcom by 3.5% during the 1st quarter. Trust Co of the South now owns 4,016 shares of the semiconductor manufacturer’s stock valued at $672,000 after acquiring an additional 136 shares in the last quarter. Modus Advisors LLC boosted its position in Broadcom by 15.2% during the 1st quarter. Modus Advisors LLC now owns 3,966 shares of the semiconductor manufacturer’s stock worth $664,000 after purchasing an additional 522 shares during the period. Finally, Neville Rodie & Shaw Inc. increased its holdings in Broadcom by 0.8% in the 1st quarter. Neville Rodie & Shaw Inc. now owns 41,583 shares of the semiconductor manufacturer’s stock valued at $6,962,000 after purchasing an additional 318 shares in the last quarter. Institutional investors and hedge funds 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.