Broadcom (NASDAQ:AVGO) Trading Down 0.6%

Broadcom Inc. (NASDAQ:AVGO) shares dropped 0.6% during trading on Wednesday . The company traded as low as $1,320.33 and last traded at $1,321.75. Approximately 348,122 shares were traded during trading, a decline of 88% from the average daily volume of 2,924,848 shares. The stock had previously closed at $1,329.06.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. UBS Group boosted their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Evercore ISI began coverage on Broadcom in a report on Tuesday. They issued an “outperform” rating and a $1,620.00 price target for the company. Susquehanna boosted their price target on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $1,281.09.

Broadcom Price Performance

The company has a market capitalization of $604.83 billion, a price-to-earnings ratio of 48.70, a price-to-earnings-growth ratio of 2.67 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The company has a 50 day simple moving average of $1,306.49 and a 200 day simple moving average of $1,114.01.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same period in the prior year, the firm posted $9.83 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock valued at $40,306,667 over the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors and hedge funds have recently made changes to their positions in the stock. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $25,000. PSI Advisors LLC increased its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares during the period. BKM Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at approximately $29,000. CKW Financial Group acquired a new stake in Broadcom in the 4th quarter valued at approximately $30,000. Finally, Hanseatic Management Services Inc. acquired a new stake in Broadcom in the 4th quarter valued at approximately $33,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.