Investors Sell Shares of Broadcom (AVGO) on Strength (AVGO)

Traders sold shares of Broadcom Inc (NASDAQ:AVGO) on strength during trading hours on Thursday. $111.65 million flowed into the stock on the tick-up and $158.43 million flowed out of the stock on the tick-down, for a money net flow of $46.78 million out of the stock. Of all companies tracked, Broadcom had the 10th highest net out-flow for the day. Broadcom traded up $1.90 for the day and closed at $309.41

A number of brokerages have recently weighed in on AVGO. KeyCorp reissued an “overweight” rating and issued a $335.00 price objective (up from $310.00) on shares of Broadcom in a report on Tuesday, April 2nd. Cowen lowered Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price objective on the stock. in a report on Friday, February 22nd. Citigroup began coverage on Broadcom in a report on Friday, March 15th. They issued a “buy” rating on the stock. Barclays increased their price objective on Broadcom from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Finally, SunTrust Banks increased their price objective on Broadcom to $339.00 and gave the company a “buy” rating in a report on Friday, March 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirty-two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $301.16.

The stock has a market capitalization of $121.73 billion, a PE ratio of 16.43, a P/E/G ratio of 1.42 and a beta of 0.68. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.32 by $1.23. The company had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. Broadcom’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.12 earnings per share. On average, analysts expect that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $2.65 per share. The ex-dividend date was Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a yield of 3.43%. Broadcom’s dividend payout ratio is currently 56.29%.

In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $254.99, for a total transaction of $5,099,800.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $304.51, for a total value of $3,045,100.00. The disclosure for this sale can be found here. Insiders have sold 87,824 shares of company stock worth $25,189,319 in the last quarter. 3.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Standard Life Aberdeen plc acquired a new position in shares of Broadcom during the third quarter valued at approximately $508,015,000. LPL Financial LLC raised its holdings in shares of Broadcom by 7.2% during the third quarter. LPL Financial LLC now owns 117,321 shares of the semiconductor manufacturer’s stock valued at $28,947,000 after acquiring an additional 7,904 shares during the last quarter. Paloma Partners Management Co raised its holdings in shares of Broadcom by 203.1% during the third quarter. Paloma Partners Management Co now owns 6,919 shares of the semiconductor manufacturer’s stock valued at $1,707,000 after acquiring an additional 4,636 shares during the last quarter. Lucia Wealth Services LLC raised its holdings in shares of Broadcom by 78.9% during the third quarter. Lucia Wealth Services LLC now owns 3,273 shares of the semiconductor manufacturer’s stock valued at $808,000 after acquiring an additional 1,443 shares during the last quarter. Finally, Vident Investment Advisory LLC acquired a new position in shares of Broadcom during the third quarter valued at approximately $912,000. Institutional investors own 86.93% of the company’s stock.

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About Broadcom (NASDAQ:AVGO)

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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