Insider Selling: Broadcom Inc. (NASDAQ:AVGO) Insider Sells 50,000 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO) insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider now owns 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Mark David Brazeal also recently made the following trade(s):

• On Friday, April 11th, Mark David Brazeal sold 25,000 shares of Broadcom stock. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00.

Broadcom Stock Performance

AVGO stock opened at $264.65 on Thursday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $269.87. The firm has a market cap of $1.24 trillion, a price-to-earnings ratio of 99.12, a PEG ratio of 1.88 and a beta of 1.11. The business’s fifty day simple moving average is $225.48 and its two-hundred day simple moving average is $213.98. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. KeyCorp upped their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $281.25.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth approximately $25,000. Cheviot Value Management LLC bought a new position in Broadcom in the first quarter worth approximately $25,000. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter valued at $26,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth $26,000. 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.