Broadcom (NASDAQ:AVGO) Shares Down 1.2% - Here's What Happened

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) was down 1.2% on Monday . The stock traded as low as $228.90 and last traded at $233.04. Approximately 16,966,917 shares changed hands during trading, a decline of 44% from the average daily volume of 30,073,216 shares. The stock had previously closed at $235.80.

Analyst Ratings Changes

Several equities analysts recently weighed in on AVGO shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. UBS Group boosted their price objective on Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Evercore ISI upped their price target on Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Hsbc Global Res raised Broadcom to a "hold" rating in a report on Tuesday, December 3rd. Finally, Piper Sandler upped their price target on Broadcom from $200.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $225.04.

Broadcom Stock Performance

The firm has a market capitalization of $1.02 trillion, a P/E ratio of 178.32, a price-to-earnings-growth ratio of 2.39 and a beta of 1.02. The stock has a 50-day moving average of $230.21 and a 200 day moving average of $189.26. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.98 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.08%. Broadcom's dividend payout ratio is 191.87%.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the company's stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares of the company's stock, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry L. You sold 6,540 shares of the company's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % 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 three months. Insiders own 2.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. PVG Asset Management Corp acquired a new position in Broadcom during the 4th quarter worth $540,000. Value Partners Investments Inc. lifted its holdings in Broadcom by 3.0% during the 4th quarter. Value Partners Investments Inc. now owns 12,021 shares of the semiconductor manufacturer's stock worth $2,785,000 after buying an additional 347 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth $30,000. Mackenzie Financial Corp lifted its holdings in Broadcom by 7.3% during the 4th quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock worth $624,970,000 after buying an additional 183,474 shares in the last quarter. Finally, Forum Financial Management LP lifted its stake in shares of Broadcom by 9.6% in the 4th quarter. Forum Financial Management LP now owns 33,173 shares of the semiconductor manufacturer's stock valued at $7,691,000 after purchasing an additional 2,917 shares during the period. Institutional investors and hedge funds 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.