Broadcom (NASDAQ:AVGO) Shares Up 1.6% - What's Next?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price shot up 1.6% during trading on Friday . The company traded as high as $180.10 and last traded at $175.14. 9,833,485 shares changed hands during trading, a decline of 69% from the average session volume of 31,260,078 shares. The stock had previously closed at $172.30.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a report 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $231.68.

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 stock has a market capitalization of $838.64 billion, a price-to-earnings ratio of 145.48, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The business's 50 day simple moving average is $195.52 and its 200-day simple moving average is $196.11.

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Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.32%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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 completion of the transaction, the director now 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. 2.00% of the stock is owned by company insiders.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently modified their holdings of the company. Regatta Capital Group LLC lifted its holdings in Broadcom by 2.7% in the 1st quarter. Regatta Capital Group LLC now owns 24,640 shares of the semiconductor manufacturer's stock valued at $4,126,000 after acquiring an additional 652 shares during the last quarter. Parisi Gray Wealth Management grew its position in Broadcom by 21.6% in the first quarter. Parisi Gray Wealth Management now owns 14,781 shares of the semiconductor manufacturer's stock worth $2,475,000 after buying an additional 2,628 shares during the last quarter. International Private Wealth Advisors LLC increased its holdings in shares of Broadcom by 21.4% in the first quarter. International Private Wealth Advisors LLC now owns 1,317 shares of the semiconductor manufacturer's stock valued at $220,000 after buying an additional 232 shares in the last quarter. Everest Management Corp. boosted its stake in shares of Broadcom by 157.2% during the 1st quarter. Everest Management Corp. now owns 20,577 shares of the semiconductor manufacturer's stock worth $3,445,000 after acquiring an additional 12,577 shares in the last quarter. Finally, Tounjian Advisory Partners LLC acquired a new position in shares of Broadcom in the 1st quarter worth $7,294,000. Institutional investors 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.