Broadcom (NASDAQ:AVGO) Trading Down 2.3%

Broadcom Inc. (NASDAQ:AVGO)’s share price fell 2.3% during mid-day trading on Wednesday . The stock traded as low as $1,263.27 and last traded at $1,270.00. 439,206 shares were traded during trading, a decline of 85% from the average session volume of 2,877,277 shares. The stock had previously closed at $1,300.27.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Susquehanna raised their target price on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. Benchmark reissued a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Barclays lifted their price objective on Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Trading Down 3.4 %

The stock has a market cap of $582.06 billion, a P/E ratio of 47.07, a P/E/G ratio of 2.72 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The stock has a 50-day moving average price of $1,310.04 and a 200-day moving average price of $1,143.82.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. Broadcom’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period last year, the firm posted $9.83 EPS. On average, equities research analysts expect that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.67%. Broadcom’s dividend payout ratio is 77.84%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,920 shares of company stock valued at $40,306,667. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of large investors have recently bought and sold shares of the stock. Stuart Chaussee & Associates Inc. purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $25,000. Legend Financial Advisors Inc. increased its stake in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the period. PSI Advisors LLC increased its stake in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 10 shares during the period. Macroview Investment Management LLC purchased a new position in shares of Broadcom during the third quarter valued at approximately $29,000. Finally, BKM Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $29,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.