Broadcom (NASDAQ:AVGO) Shares Down 0.7% - Here's Why

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) traded down 0.7% during mid-day trading on Thursday . The stock traded as low as $190.74 and last traded at $192.89. 8,674,173 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 29,398,629 shares. The stock had previously closed at $194.23.

Analyst Ratings Changes

Several research analysts recently commented on AVGO shares. Bank of America raised their price objective on shares of Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Piper Sandler boosted their price objective on Broadcom from $200.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, December 13th. Hsbc Global Res upgraded Broadcom to a "hold" rating in a research note on Tuesday, December 3rd. Finally, Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $231.48.

Broadcom Price Performance

The stock has a market capitalization of $918.44 billion, a PE ratio of 159.20, 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's 50 day simple moving average is $218.86 and its 200 day simple moving average is $193.43.

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Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $14.07 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 yield of 1.21%. The ex-dividend date is Thursday, March 20th. Broadcom's dividend payout ratio is presently 113.46%.

Insider Buying and Selling

In related news, Director Harry L. You sold 6,540 shares of the company's stock in a transaction on 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 completion of the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company's stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 in the last ninety days. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Broadcom in the fourth quarter worth about $320,919,000. Silver Oak Wealth Advisors Services LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $118,000. PKO Investment Management Joint Stock Co purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $10,896,000. Northstar Financial Companies Inc. bought a new position in shares of Broadcom during the fourth quarter valued at approximately $223,000. Finally, Centaurus Financial Inc. raised its holdings in shares of Broadcom by 10.1% during the fourth quarter. Centaurus Financial Inc. now owns 91,545 shares of the semiconductor manufacturer's stock valued at $21,224,000 after acquiring an additional 8,367 shares in the last quarter. 76.43% of the stock is owned by 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.