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 Broadcom stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now directly owns 325,443 shares in the company, valued at approximately $74,728,221.66. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Broadcom Stock Up 2.4 %

AVGO stock traded up $5.68 on Thursday, hitting $245.36. 28,403,055 shares of the company’s stock were exchanged, compared to its average volume of 30,523,424. The firm has a 50 day moving average price of $183.03 and a two-hundred day moving average price of $169.78. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 12-month low of $104.15 and a 12-month high of $251.88. The stock has a market cap of $1.15 trillion, a P/E ratio of 213.17, a price-to-earnings-growth 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 for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be issued a $0.59 dividend. The ex-dividend date is Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Castleview Partners LLC grew its stake in Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the period. JDM Financial Group LLC boosted its position in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares during the last quarter. Tsfg LLC increased its holdings in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares during the period. Finally, Cedar Wealth Management LLC raised its position in Broadcom by 900.0% during the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 216 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVGO shares. William Blair began coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating on the stock. Truist Financial boosted their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Bank of America increased their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Benchmark reissued a “buy” rating and set a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Finally, Barclays raised their price objective on Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus 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.