Broadcom Inc. (NASDAQ:AVGO) CEO Sells $25,941,000.00 in Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $2.57 during trading hours on Thursday, hitting $178.09. 24,296,853 shares of the company’s stock traded hands, compared to its average volume of 31,631,805. 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 $80.44 and a 52 week high of $185.16. The company has a market cap of $831.78 billion, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 2.78 and a beta of 1.16. The company’s fifty day simple moving average is $157.34 and its two-hundred day simple moving average is $147.70.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.19%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AVGO shares. Truist Financial upped their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. UBS Group reduced their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday, September 9th. Oppenheimer dropped their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, Evercore ISI raised their target price on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Two equities 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Institutional Trading of Broadcom

A number of hedge funds have recently made changes to their positions in the company. Legend Financial Advisors Inc. grew its position in Broadcom by 72.7% in the 1st 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. Richardson Capital Management LLC bought a new position in shares of Broadcom during the 1st quarter valued at approximately $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom during the 1st quarter worth $36,000. Finally, Creekmur Asset Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $43,000. 76.43% of the stock is 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.