Broadcom (NASDAQ:AVGO) Trading Down 0.5% - Here's What Happened

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price fell 0.5% on Wednesday . The company traded as low as $175.62 and last traded at $178.38. 3,980,693 shares traded hands during trading, a decline of 87% from the average session volume of 30,101,111 shares. The stock had previously closed at $179.24.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on AVGO shares. 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. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an "outperform" rating for the company. StockNews.com downgraded Broadcom from a "buy" rating to a "hold" rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, September 6th. Finally, Mizuho boosted their price objective on shares of Broadcom from $190.00 to $220.00 and gave the stock an "outperform" rating in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $191.54.

Broadcom Trading Down 1.5 %

The firm's 50 day simple moving average is $168.74 and its 200-day simple moving average is $155.58. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $822.24 billion, a PE ratio of 153.60, a P/E/G ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the business posted $0.95 EPS. The company's revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.20%. This is an increase from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's dividend payout ratio is 184.35%.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 15,950 shares of Broadcom stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares of the company's stock, valued at approximately $133,781,155.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm's stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This trade 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 link. Also, insider Charlie B. Kawwas sold 15,950 shares of the company's stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently made changes to their positions in AVGO. Lion Street Advisors LLC increased its holdings in shares of Broadcom by 1.9% in the 2nd quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer's stock worth $520,000 after purchasing an additional 6 shares in the last quarter. Ascent Wealth Partners LLC lifted its position in Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer's stock valued at $3,929,000 after purchasing an additional 8 shares during the period. O Dell Group LLC boosted its holdings in Broadcom by 2.3% in the first quarter. O Dell Group LLC now owns 356 shares of the semiconductor manufacturer's stock worth $472,000 after purchasing an additional 8 shares during the last quarter. Hudson Value Partners LLC grew its position in Broadcom by 2.7% in the 1st quarter. Hudson Value Partners LLC now owns 308 shares of the semiconductor manufacturer's stock worth $408,000 after purchasing an additional 8 shares during the period. Finally, Renasant Bank raised its stake in Broadcom by 1.0% during the 1st quarter. Renasant Bank now owns 785 shares of the semiconductor manufacturer's stock valued at $1,040,000 after buying an additional 8 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.