Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares rose 5.9% on Wednesday . The stock traded as high as $180.36 and last traded at $179.65. Approximately 7,951,026 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 31,191,504 shares. The stock had previously closed at $169.58.
Wall Street Analyst Weigh In
Several research analysts have weighed in on AVGO shares. Benchmark reissued a "buy" rating and issued a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Citigroup dropped their price target on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a report on Friday, April 11th. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Finally, Barclays reduced their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $229.48.
Read Our Latest Stock Analysis on Broadcom
Broadcom Price Performance
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 stock has a market cap of $904.23 billion, a price-to-earnings ratio of 156.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The business's 50-day simple moving average is $184.36 and its two-hundred day simple moving average is $196.09.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.
Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling at Broadcom
In other news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $25,000. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter worth $26,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth $26,000. Finally, Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter valued at $28,000. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Company Profile
(
Get Free Report)
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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