Broadcom (NASDAQ:AVGO) Shares Down 2.6% After Insider Selling

Shares of Broadcom Inc. (NASDAQ:AVGO) were down 2.6% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $182.62 and last traded at $183.44. Approximately 7,961,533 shares traded hands during trading, a decline of 72% from the average daily volume of 28,864,232 shares. The stock had previously closed at $188.26.

Specifically, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AVGO. Deutsche Bank Aktiengesellschaft raised their price target on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Evercore ISI boosted their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Barclays increased their price target on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market cap of $801.13 billion, a P/E ratio of 139.81, a P/E/G ratio of 2.29 and a beta of 1.01. The firm has a 50 day simple moving average of $210.84 and a 200 day simple moving average of $195.72.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pin Oak Investment Advisors Inc. raised its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. Canton Hathaway LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter worth approximately $30,000. Hedge funds and other 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.