Broadcom (NASDAQ:AVGO) Trading 0.7% Higher – Time to Buy?

Broadcom Inc. (NASDAQ:AVGO) rose 0.7% on Wednesday . The stock traded as high as $170.00 and last traded at $169.66. Approximately 3,916,650 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 30,301,953 shares. The stock had previously closed at $168.52.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Truist Financial increased their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Susquehanna increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

The stock’s 50-day moving average is $206.64 and its 200-day moving average is $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 stock has a market cap of $810.76 billion, a price-to-earnings ratio of 140.65, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Thursday, March 20th. Broadcom’s payout ratio is currently 113.46%.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction, the insider now directly owns 490,956 shares in the company, 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. In the last 90 days, insiders have sold 785,976 shares of company stock valued at $147,912,102. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently added to or reduced their stakes in AVGO. Global Wealth Strategies & Associates boosted its position in Broadcom by 16.4% in the 1st quarter. Global Wealth Strategies & Associates now owns 589 shares of the semiconductor manufacturer’s stock valued at $99,000 after buying an additional 83 shares during the last quarter. Centre Asset Management LLC acquired a new position in shares of Broadcom in the first quarter worth about $4,795,000. Hobart Private Capital LLC acquired a new position in shares of Broadcom in the first quarter worth about $216,000. Trust Co of the South boosted its holdings in Broadcom by 3.5% in the first quarter. Trust Co of the South now owns 4,016 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 136 shares during the last quarter. Finally, Modus Advisors LLC grew its stake in Broadcom by 15.2% during the 1st quarter. Modus Advisors LLC now owns 3,966 shares of the semiconductor manufacturer’s stock valued at $664,000 after purchasing an additional 522 shares in the last quarter. 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.