Broadcom (NASDAQ:AVGO) Trading Down 2.3% - Here's Why

Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) fell 2.3% on Monday . The company traded as low as $177.33 and last traded at $179.45. 3,790,507 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 29,663,879 shares. The stock had previously closed at $183.64.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 8th. Morgan Stanley raised their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Finally, Benchmark reissued a "buy" rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $192.79.

Broadcom Trading Down 3.3 %

The stock has a 50 day moving average price of $170.75 and a 200-day moving average price of $157.78. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $829.63 billion, a PE ratio of 156.04, a P/E/G ratio of 2.11 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business's revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 EPS. Sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.19%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio is 184.35%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently added to or reduced their stakes in AVGO. Tradewinds LLC. grew its stake in Broadcom by 465.2% during the third quarter. Tradewinds LLC. now owns 5,104 shares of the semiconductor manufacturer's stock valued at $880,000 after acquiring an additional 4,201 shares in the last quarter. John G Ullman & Associates Inc. boosted its holdings in shares of Broadcom by 870.7% during the 3rd quarter. John G Ullman & Associates Inc. now owns 105,940 shares of the semiconductor manufacturer's stock valued at $18,275,000 after purchasing an additional 95,026 shares during the last quarter. German American Bancorp Inc. increased its holdings in shares of Broadcom by 954.3% in the third quarter. German American Bancorp Inc. now owns 4,660 shares of the semiconductor manufacturer's stock worth $804,000 after purchasing an additional 4,218 shares during the last quarter. Trustmark National Bank Trust Department lifted its position in shares of Broadcom by 950.9% in the third quarter. Trustmark National Bank Trust Department now owns 33,944 shares of the semiconductor manufacturer's stock worth $5,855,000 after buying an additional 30,714 shares in the last quarter. Finally, SSI Investment Management LLC boosted its stake in Broadcom by 899.4% during the third quarter. SSI Investment Management LLC now owns 6,466 shares of the semiconductor manufacturer's stock valued at $1,115,000 after buying an additional 5,819 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.

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