Insider Selling: Broadcom Inc. (NASDAQ:AVGO) CFO Sells 12,570 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO) CFO Kirsten M. Spears sold 12,570 shares of the stock in a transaction dated 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 owns 325,443 shares of the company’s stock, valued at approximately $74,728,221.66. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Broadcom Trading Down 1.5 %

Shares of AVGO stock opened at $241.75 on Friday. The firm has a 50 day moving average price of $185.54 and a two-hundred day moving average price of $171.21. 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 company has a market capitalization of $1.13 trillion, a PE ratio of 210.03, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. Broadcom Inc. has a 12-month low of $104.15 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data 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. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period last year, the business posted $0.98 earnings per share. As a group, analysts predict that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. The ex-dividend date is Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.98%. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Broadcom in the second quarter valued at approximately $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $136,000. Semus Wealth Partners LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $202,000. Palisades Hudson Asset Management L.P. acquired a new stake in shares of Broadcom in the second quarter valued at approximately $204,000. Finally, WPWealth LLP acquired a new stake in shares of Broadcom in the second quarter valued at approximately $204,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on AVGO shares. Barclays increased their target price on Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley raised their price objective on Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $221.88.

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.