Short Interest in Broadcom Inc. (NASDAQ:AVGO) Expands By 6.4%

Broadcom Inc. (NASDAQ:AVGO) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 5,830,000 shares, an increase of 6.4% from the March 31st total of 5,480,000 shares. Based on an average trading volume of 2,960,000 shares, the days-to-cover ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a report on Thursday, March 21st. Barclays raised their price target on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Cantor Fitzgerald raised their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. The Goldman Sachs Group restated a “buy” rating and set a $1,325.00 price target on shares of Broadcom in a report on Friday, January 19th. Finally, Susquehanna raised their price target on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Trading Down 2.3 %

AVGO traded down $30.27 during trading hours on Wednesday, reaching $1,270.00. 439,206 shares of the company’s stock traded hands, compared to its average volume of 2,877,277. The firm has a 50-day moving average price of $1,310.04 and a 200 day moving average price of $1,143.82. Broadcom has a 52-week low of $601.29 and a 52-week high of $1,438.17. 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 firm has a market capitalization of $588.54 billion, a PE ratio of 47.07, a PEG ratio of 2.72 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.83 EPS. As a group, sell-side analysts predict that Broadcom will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Buying and Selling at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now directly owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently bought and sold shares of the company. Pathway Financial Advisors LLC raised its position in shares of Broadcom by 11.1% in the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock worth $1,041,000 after acquiring an additional 93 shares in the last quarter. RMR Wealth Builders grew its stake in Broadcom by 6.5% during the 3rd quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock worth $5,284,000 after buying an additional 388 shares during the last quarter. Stegent Equity Advisors Inc. purchased a new position in Broadcom during the 4th quarter worth $271,000. Intrust Bank NA grew its stake in Broadcom by 1.7% during the 4th quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after buying an additional 99 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC grew its stake in Broadcom by 66.6% during the 4th quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer’s stock worth $4,756,000 after buying an additional 1,704 shares during the last quarter. 76.43% of the stock is owned by 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.