Broadcom (NASDAQ:AVGO) Shares Down 2.6% – Time to Sell?

Shares of Broadcom Inc. (NASDAQ:AVGO) dropped 2.6% during mid-day trading on Tuesday . The stock traded as low as $188.45 and last traded at $189.51. Approximately 7,350,477 shares traded hands during trading, a decline of 75% from the average daily volume of 29,037,746 shares. The stock had previously closed at $194.50.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, March 7th. Evercore ISI upped their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Benchmark reissued a “buy” rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Performance

The firm has a market capitalization of $919.56 billion, a PE ratio of 159.52, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a fifty day moving average price of $215.81 and a 200 day moving average price of $194.61.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Insider Activity

In other news, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the sale, the chief financial officer now directly owns 325,443 shares of the company’s stock, valued at $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 184,738 shares of company stock valued at $43,395,200 over the last three months. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several hedge funds have recently bought and sold shares of the business. M1 Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth about $646,000. DSG Capital Advisors LLC purchased a new stake in Broadcom in the 4th quarter worth about $24,765,000. Chancellor Financial Group WB LP purchased a new stake in Broadcom in the 4th quarter worth about $1,395,000. 111 Capital purchased a new stake in Broadcom in the 4th quarter worth about $6,827,000. Finally, Thoma Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth about $543,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.