Broadcom (NASDAQ:AVGO) Stock Price Down 0.6%

Broadcom Inc. (NASDAQ:AVGO) shares dropped 0.6% during trading on Tuesday . The company traded as low as $1,623.42 and last traded at $1,631.61. Approximately 813,350 shares were traded during trading, a decline of 74% from the average daily volume of 3,179,088 shares. The stock had previously closed at $1,640.80.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their price objective on shares of Broadcom from $1,550.00 to $2,050.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $1,430.00 to $1,700.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Barclays boosted their price objective on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $1,700.00 to $2,000.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, TD Cowen boosted their price objective on shares of Broadcom from $1,500.00 to $1,750.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Price Performance

The firm has a market capitalization of $760.93 billion, a price-to-earnings ratio of 70.18, a PEG ratio of 2.79 and a beta of 1.17. The stock’s 50 day moving average price is $1,433.70 and its two-hundred day moving average price is $1,305.45. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16.

Shares of Broadcom are scheduled to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating the consensus estimate of $10.78 by $0.18. The firm had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the company earned $9.51 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s payout ratio is currently 90.32%.

Insider Activity at Broadcom

In related news, Director Justine Page sold 254 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 2,748 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 254 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Insiders sold a total of 8,364 shares of company stock worth $11,329,466 in the last ninety days. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. grew its holdings in shares of Broadcom by 215.3% in the 3rd quarter. Alps Advisors Inc. now owns 21,503 shares of the semiconductor manufacturer’s stock worth $17,860,000 after purchasing an additional 14,683 shares during the last quarter. Evergreen Capital Management LLC grew its holdings in shares of Broadcom by 0.7% in the 3rd quarter. Evergreen Capital Management LLC now owns 5,981 shares of the semiconductor manufacturer’s stock worth $4,968,000 after purchasing an additional 41 shares during the last quarter. Elevatus Welath Management grew its holdings in Broadcom by 7.2% during the 3rd quarter. Elevatus Welath Management now owns 671 shares of the semiconductor manufacturer’s stock worth $557,000 after acquiring an additional 45 shares during the last quarter. Legacy Advisors LLC grew its holdings in Broadcom by 23.5% during the 3rd quarter. Legacy Advisors LLC now owns 488 shares of the semiconductor manufacturer’s stock worth $405,000 after acquiring an additional 93 shares during the last quarter. Finally, LaSalle St. Investment Advisors LLC grew its holdings in Broadcom by 4.0% during the 3rd quarter. LaSalle St. Investment Advisors LLC now owns 415 shares of the semiconductor manufacturer’s stock worth $345,000 after acquiring an additional 16 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.