Broadcom (NASDAQ:AVGO) Stock Price Up 1.6% - Here's What Happened

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) traded up 1.6% during mid-day trading on Tuesday . The stock traded as high as $169.33 and last traded at $168.81. 3,994,390 shares were traded during trading, a decline of 87% from the average session volume of 31,201,469 shares. The stock had previously closed at $166.21.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Mizuho dropped their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Citigroup reduced their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Truist Financial upped their target price on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Finally, William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Trading Up 2.2 %

The firm's 50-day moving average price is $184.36 and its 200-day moving average price is $196.02. The company has a market cap of $904.23 billion, a P/E ratio of 156.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom 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 value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

A number of large investors have recently added to or reduced their stakes in the company. Mather Group LLC. increased its position in shares of Broadcom by 6.6% during the 1st quarter. Mather Group LLC. now owns 50,737 shares of the semiconductor manufacturer's stock valued at $8,495,000 after purchasing an additional 3,128 shares during the last quarter. Alta Advisers Ltd grew its position in Broadcom by 55.1% during the first quarter. Alta Advisers Ltd now owns 24,199 shares of the semiconductor manufacturer's stock valued at $4,052,000 after acquiring an additional 8,600 shares during the last quarter. Lodestar Private Asset Management LLC raised its stake in shares of Broadcom by 24.7% during the first quarter. Lodestar Private Asset Management LLC now owns 1,415 shares of the semiconductor manufacturer's stock worth $237,000 after acquiring an additional 280 shares in the last quarter. Cypress Capital LLC boosted its stake in shares of Broadcom by 4.2% in the 1st quarter. Cypress Capital LLC now owns 13,368 shares of the semiconductor manufacturer's stock valued at $2,238,000 after purchasing an additional 536 shares in the last quarter. Finally, Benchmark Financial Wealth Advisors LLC grew its holdings in shares of Broadcom by 6.2% during the 1st quarter. Benchmark Financial Wealth Advisors LLC now owns 6,788 shares of the semiconductor manufacturer's stock valued at $1,136,000 after purchasing an additional 397 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

About Broadcom

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.