Broadcom (NASDAQ:AVGO) Trading Down 0.8% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO) dropped 0.8% during trading on Thursday after an insider sold shares in the company. The company traded as low as $220.80 and last traded at $221.85. Approximately 12,754,476 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 29,987,789 shares. The stock had previously closed at $223.62.

Specifically, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AVGO. Citigroup raised their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Robert W. Baird boosted their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. increased their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Mizuho boosted their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $221.88.

Broadcom Stock Performance

The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $179.49 and a 200 day moving average of $167.66. The company has a market cap of $1.03 trillion, a P/E ratio of 191.82, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period last year, the business earned $0.98 EPS. Broadcom’s quarterly revenue was up 51.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 23rd will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.07%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Institutional Investors Weigh In On Broadcom

Several large investors have recently bought and sold shares of AVGO. State Street Corp grew its stake in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC grew 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 buying an additional 82,998,328 shares during the period. Jennison Associates LLC increased its holdings in Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after buying an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 acquiring an additional 30,674,902 shares during the period. 76.43% of the stock is currently owned by institutional investors.

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.