Broadcom (NASDAQ:AVGO) Shares Down 0.4% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO)’s stock price dropped 0.4% on Tuesday . The company traded as low as $188.81 and last traded at $190.40. Approximately 4,762,312 shares were traded during trading, a decline of 84% from the average daily volume of 30,319,176 shares. The stock had previously closed at $191.25.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Robert W. Baird raised their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Mizuho decreased their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Hsbc Global Res upgraded Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Trading Down 2.6 %

The stock has a market cap of $820.92 billion, a PE ratio of 143.55, a PEG ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock’s fifty day moving average price is $211.99 and its 200 day moving average price is $195.88.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the transaction, the insider now directly owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,000 shares of company stock valued at $27,334,060 over the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AVGO. State Street Corp grew its position in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after buying an additional 166,844,263 shares during the period. Geode Capital Management LLC increased its stake in shares of Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC lifted its position in Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Norges Bank bought a new stake in Broadcom during the fourth quarter valued at about $16,893,010,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after buying an additional 30,674,902 shares during the period. 76.43% of the stock is owned by hedge funds and other 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.