Broadcom (NASDAQ:AVGO) Trading Down 1.3% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares were down 1.3% on Thursday after an insider sold shares in the company. The stock traded as low as $182.53 and last traded at $183.59. Approximately 4,370,520 shares traded hands during trading, a decline of 86% from the average daily volume of 30,898,330 shares. The stock had previously closed at $185.95.

Specifically, insider Mark David Brazeal sold 20,280 shares of the business's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares in the company, valued at approximately $70,744,366. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $172.32, for a total value of $3,446,400.00. Following the sale, the chief executive officer now directly owns 1,151,910 shares in the company, valued at $198,497,131.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVGO. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a "buy" rating in a research report on Tuesday. Sanford C. Bernstein boosted their target price on shares of Broadcom from $160.00 to $195.00 and gave the stock an "outperform" rating in a report on Thursday, June 13th. Oppenheimer lowered their price target on shares of Broadcom from $2,000.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, July 16th. Bank of America reissued a "buy" rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Finally, Wells Fargo & Company raised their price objective on Broadcom from $143.00 to $170.00 and gave the company an "equal weight" rating in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $190.29.

Broadcom Trading Down 0.1 %

The firm has a market capitalization of $864.36 billion, a P/E ratio of 7.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The stock has a 50-day simple moving average of $161.39 and a two-hundred day simple moving average of $150.97. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The firm's quarterly revenue was up 47.3% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.14%. Broadcom's dividend payout ratio (DPR) is currently 9.12%.

Hedge Funds Weigh In On Broadcom

Large investors have recently bought and sold shares of the business. Legend Financial Advisors Inc. lifted its stake in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $29,000. Delta Asset Management LLC TN grew its position in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom during the 1st quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $43,000. 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.