Broadcom (NASDAQ:AVGO) Stock Price Down 1.3% Following Insider Selling

Broadcom Inc. (NASDAQ:AVGO) was down 1.3% on Thursday after an insider sold shares in the company. The stock traded as low as $182.53 and last traded at $183.59. Approximately 4,370,520 shares traded hands during trading, a decline of 86% from the average daily volume of 30,898,330 shares. The stock had previously closed at $185.95.

Specifically, insider Mark David Brazeal sold 20,280 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $172.32, for a total value of $3,446,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,151,910 shares in the company, valued at $198,497,131.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group raised their price objective on shares of Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Rosenblatt Securities lowered their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Oppenheimer dropped their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.

Broadcom Stock Down 0.1 %

The company has a market capitalization of $864.36 billion, a price-to-earnings ratio of 7.99, a PEG ratio of 2.78 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm’s 50 day simple moving average is $161.39 and its 200-day simple moving average is $150.97.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for 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 business’s revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Institutional Trading of Broadcom

A number of institutional investors have recently modified their holdings of AVGO. Webster Bank N. A. lifted its holdings in Broadcom by 968.2% in the third quarter. Webster Bank N. A. now owns 10,693 shares of the semiconductor manufacturer’s stock valued at $1,845,000 after acquiring an additional 9,692 shares during the period. Sound Income Strategies LLC increased its holdings in shares of Broadcom by 1,908.1% in the 3rd quarter. Sound Income Strategies LLC now owns 1,486 shares of the semiconductor manufacturer’s stock valued at $256,000 after purchasing an additional 1,412 shares in the last quarter. Douglas Lane & Associates LLC lifted its stake in shares of Broadcom by 952.2% in the third quarter. Douglas Lane & Associates LLC now owns 4,251 shares of the semiconductor manufacturer’s stock valued at $733,000 after purchasing an additional 3,847 shares during the period. CVA Family Office LLC grew its position in Broadcom by 912.5% during the third quarter. CVA Family Office LLC now owns 24,674 shares of the semiconductor manufacturer’s stock worth $4,256,000 after buying an additional 22,237 shares during the period. Finally, Gilman Hill Asset Management LLC grew its position in Broadcom by 801.2% during the third quarter. Gilman Hill Asset Management LLC now owns 4,560 shares of the semiconductor manufacturer’s stock worth $787,000 after buying an additional 4,054 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.