Broadcom (NASDAQ:AVGO) Trading Down 0.9% – Here’s What Happened

Shares of Broadcom Inc. (NASDAQ:AVGO) traded down 0.9% during trading on Monday . The stock traded as low as $213.51 and last traded at $219.34. 9,985,169 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 30,754,787 shares. The stock had previously closed at $221.27.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on AVGO shares. Bank of America raised their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Barclays raised their target price on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Hsbc Global Res upgraded Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Citigroup increased their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Piper Sandler boosted their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business has a 50 day moving average of $213.41 and a 200 day moving average of $182.20. The firm has a market capitalization of $1.02 trillion, a price-to-earnings ratio of 177.76, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period last year, the firm earned $0.98 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is currently 192.50%.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 12,570 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $229.62, for a total value of $2,886,323.40. Following the transaction, the chief financial officer now directly owns 325,443 shares of the company’s stock, valued at $74,728,221.66. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last 90 days. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Castleview Partners LLC increased its position in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its holdings in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $37,000. R Squared Ltd acquired a new position in Broadcom during the 4th quarter worth $39,000. Finally, JDM Financial Group LLC boosted its position in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares during the last quarter. Institutional investors and hedge funds 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.