Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) traded up 3.9% during trading on Monday . The stock traded as high as $160.43 and last traded at $152.02. 19,955,779 shares were traded during mid-day trading, a decline of 35% from the average session volume of 30,643,984 shares. The stock had previously closed at $146.29.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the stock. Citigroup reduced their price target on shares of Broadcom from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a "buy" rating in a report on Friday, December 13th. Truist Financial lifted their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Jefferies Financial Group lifted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $231.68.
Get Our Latest Stock Analysis on Broadcom
Broadcom Price Performance
The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a 50-day simple moving average of $195.52 and a two-hundred day simple moving average of $195.99. The stock has a market cap of $855.47 billion, a price-to-earnings ratio of 148.40, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.30%. Broadcom's payout ratio is currently 113.46%.
Broadcom declared that its board has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company's stock.
Institutional Trading of Broadcom
A number of large investors have recently bought and sold shares of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
About Broadcom
(
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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.
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