Broadcom (NASDAQ:AVGO) Shares Down 0.4% After Insider Selling

Shares of Broadcom Inc. (NASDAQ:AVGO) traded down 0.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $171.68 and last traded at $172.27. 5,957,845 shares were traded during trading, a decline of 81% from the average session volume of 31,595,934 shares. The stock had previously closed at $172.94.

Specifically, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Morgan Stanley raised their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Sanford C. Bernstein increased their target price on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Piper Sandler lifted their price target on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Up 0.4 %

The firm has a market capitalization of $819.78 billion, a PE ratio of 7.55, a price-to-earnings-growth ratio of 2.78 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average of $156.95 and a two-hundred day moving average of $147.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AVGO. AXA S.A. increased its holdings in Broadcom by 2.7% during the 2nd quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares during the last quarter. Capital International Ltd. CA raised its holdings in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after acquiring an additional 1,310 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in Broadcom by 19.1% in the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after acquiring an additional 84,196 shares in the last quarter. Focus Financial Network Inc. ADV bought a new position in Broadcom during the 4th quarter valued at $2,238,000. Finally, Gryphon Financial Partners LLC grew its holdings in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

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.