Broadcom (NASDAQ:AVGO) Shares Down 4.5%

Broadcom Inc. (NASDAQ:AVGO) fell 4.5% during mid-day trading on Tuesday . The company traded as low as $155.36 and last traded at $155.49. 5,512,419 shares changed hands during trading, a decline of 82% from the average session volume of 30,966,545 shares. The stock had previously closed at $162.82.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. UBS Group upped their price objective on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Barclays increased their price target on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Melius Research initiated coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. The Goldman Sachs Group lifted their price target on shares of Broadcom from $155.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Sanford C. Bernstein boosted their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $183.11.

Broadcom Price Performance

The stock has a fifty day simple moving average of $190.06 and a 200-day simple moving average of $155.59. The company has a market capitalization of $711.36 billion, a PE ratio of 6.63, a P/E/G ratio of 2.87 and a beta of 1.16. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 3.74 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.39%. Broadcom’s payout ratio is 9.03%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 7,502 shares of the business’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 sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 2,540 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Legend Financial Advisors Inc. grew its stake in shares of Broadcom by 72.7% in the 1st 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 during the last quarter. Richardson Capital Management LLC acquired a new position in Broadcom in the 1st quarter valued at $29,000. Delta Asset Management LLC TN increased its stake in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new position in Broadcom during the 1st quarter worth $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter worth $37,000. Hedge funds and other institutional investors 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.