Broadcom Inc. (NASDAQ:AVGO) Director Justine Page Sells 800 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO) Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $250.35, for a total transaction of $200,280.00. Following the transaction, the director now directly owns 25,382 shares in the company, valued at approximately $6,354,383.70. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Justine Page also recently made the following trade(s):

• On Wednesday, May 14th, Justine Page sold 800 shares of Broadcom stock. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00.
• On Monday, April 14th, Justine Page sold 800 shares of Broadcom stock. The shares were sold at an average price of $185.00, for a total value of $148,000.00.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $251.26 on Thursday. The stock’s fifty day simple moving average is $217.54 and its 200 day simple moving average is $211.02. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 94.10, a PEG ratio of 1.77 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted $10.96 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AVGO shares. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Mizuho raised their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC acquired a new position in Broadcom during the first quarter valued at $25,000. Canton Hathaway LLC acquired a new stake in Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at about $26,000. 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.