Broadcom (NASDAQ:AVGO) Shares Down 2% on Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s share price fell 2% during mid-day trading on Friday following insider selling activity. The company traded as low as $168.60 and last traded at $168.58. 7,550,616 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 28,933,974 shares. The stock had previously closed at $171.99.

Specifically, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. TD Cowen upped their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Citigroup upped their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler raised their price objective on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Trading Down 1.7 %

The firm’s 50-day moving average price is $209.48 and its 200 day moving average price is $196.25. The company has a market cap of $795.19 billion, a price-to-earnings ratio of 137.95, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.40%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently made changes to their positions in the stock. Canton Hathaway LLC acquired a new position in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at $30,000. Finally, JDM Financial Group LLC raised its holdings in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares during the last quarter. 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.