Broadcom (NASDAQ:AVGO) Shares Down 1.7% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO) fell 1.7% during trading on Friday . The stock traded as low as $226.74 and last traded at $227.46. 6,982,426 shares traded hands during trading, a decline of 77% from the average session volume of 29,720,293 shares. The stock had previously closed at $231.36.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVGO shares. Evercore ISI upped their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. TD Cowen lifted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Truist Financial upped their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. UBS Group lifted their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Susquehanna increased their price objective on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Trading Down 2.9 %

The company has a market cap of $1.05 trillion, a PE ratio of 183.31, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a fifty day moving average of $218.50 and a two-hundred day moving average of $183.74.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the business earned $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.05%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio is 192.50%.

Insider Buying and Selling at Broadcom

In related news, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $229.62, for a total value of $2,886,323.40. Following the sale, the chief financial officer now owns 325,443 shares in the company, valued at $74,728,221.66. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Paragon Private Wealth Management LLC lifted its stake in shares of Broadcom by 17.5% during the 4th quarter. Paragon Private Wealth Management LLC now owns 9,353 shares of the semiconductor manufacturer’s stock valued at $2,168,000 after buying an additional 1,393 shares in the last quarter. Johnson Investment Counsel Inc. raised its stake in Broadcom by 2.4% during the fourth quarter. Johnson Investment Counsel Inc. now owns 140,100 shares of the semiconductor manufacturer’s stock valued at $32,481,000 after purchasing an additional 3,317 shares in the last quarter. Tiemann Investment Advisors LLC lifted its stake in shares of Broadcom by 1.0% in the 4th quarter. Tiemann Investment Advisors LLC now owns 7,305 shares of the semiconductor manufacturer’s stock valued at $1,694,000 after purchasing an additional 75 shares during the last quarter. Gallagher Capital Advisors LLC purchased a new position in Broadcom during the fourth quarter worth $419,000. Finally, Daiwa Securities Group Inc. grew its holdings in Broadcom by 1.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,121,147 shares of the semiconductor manufacturer’s stock valued at $491,783,000 after purchasing an additional 22,270 shares during the last quarter. Hedge funds and other institutional investors 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.