Broadcom (NASDAQ:AVGO) Stock Price Down 1.3% After Insider Selling

Shares of Broadcom Inc. (NASDAQ:AVGO) dropped 1.3% during trading on Thursday after an insider sold shares in the company. The company traded as low as $182.53 and last traded at $183.59. Approximately 4,370,520 shares were traded during trading, a decline of 86% from the average daily volume of 30,898,330 shares. The stock had previously closed at $185.95.

Specifically, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total value of $3,446,400.00. Following the completion of the sale, the chief executive officer now owns 1,151,910 shares in the company, valued at approximately $198,497,131.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent research reports. The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Bank of America reaffirmed a “buy” rating and set a $215.00 target price (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

Broadcom Stock Down 2.3 %

The business has a fifty day moving average of $162.16 and a 200 day moving average of $151.32. The company has a market capitalization of $847.62 billion, a PE ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. Equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.17%. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in shares of Broadcom by 6.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 227,015 shares of the semiconductor manufacturer’s stock valued at $253,405,000 after purchasing an additional 14,121 shares during the last quarter. Optimist Retirement Group LLC acquired a new position in shares of Broadcom in the fourth quarter worth $3,229,000. Studio Investment Management LLC raised its holdings in shares of Broadcom by 25.4% in the fourth quarter. Studio Investment Management LLC now owns 2,527 shares of the semiconductor manufacturer’s stock worth $2,821,000 after acquiring an additional 512 shares during the last quarter. Contour Asset Management LLC increased its stake in Broadcom by 7.1% in the fourth quarter. Contour Asset Management LLC now owns 103,462 shares of the semiconductor manufacturer’s stock valued at $115,489,000 after purchasing an additional 6,879 shares during the last quarter. Finally, Oarsman Capital Inc. increased its stake in Broadcom by 2.9% in the fourth quarter. Oarsman Capital Inc. now owns 3,188 shares of the semiconductor manufacturer’s stock valued at $3,559,000 after purchasing an additional 90 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.