Hock E. Tan Sells 7,502 Shares of Broadcom Inc. (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Broadcom Trading Down 89.9 %

Shares of AVGO stock traded down $1,529.25 on Monday, reaching $171.42. 22,937,310 shares of the company’s stock were exchanged, compared to its average volume of 32,351,504. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $79.79 billion, a PE ratio of 7.37, a P/E/G ratio of 2.95 and a beta of 1.17. The company’s fifty day simple moving average is $182.63 and its 200 day simple moving average is $145.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same period last year, the business posted $0.95 EPS. The business’s revenue was up 43.0% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were issued a $0.525 dividend. The ex-dividend date was Monday, June 24th. This represents a $2.10 annualized dividend and a dividend yield of 1.23%. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Analyst Ratings Changes

Several analysts have weighed in on the company. UBS Group raised their price target on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $150.00 price target on shares of Broadcom in a report on Monday, April 8th. TD Cowen raised their price target on Broadcom from $150.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Bank of America reaffirmed a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Finally, Melius Research assumed coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $170.64.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently modified their holdings of the stock. Stuart Chaussee & Associates Inc. acquired a new position in Broadcom in the 4th quarter worth about $25,000. Legend Financial Advisors Inc. grew its position in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. PSI Advisors LLC grew its position in shares of Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares in the last quarter. BKM Wealth Management LLC purchased a new position in Broadcom in the fourth quarter worth approximately $29,000. Finally, Richardson Capital Management LLC purchased a new position in Broadcom in the first quarter worth approximately $29,000. 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.