Broadcom (NASDAQ:AVGO) Shares Down 2.6% on Insider Selling

Broadcom Inc. (NASDAQ:AVGO) shares fell 2.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $182.62 and last traded at $183.44. 7,961,533 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 28,864,232 shares. The stock had previously closed at $188.26.

Specifically, insider Mark David Brazeal sold 30,000 shares of the firm’s 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. Bank of America raised their target price on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and issued a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Jefferies Financial Group upped their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Evercore ISI boosted their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Citigroup lifted their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a fifty day simple moving average of $210.84 and a 200-day simple moving average of $195.72. The company has a market capitalization of $801.13 billion, a P/E ratio of 139.81, a PEG ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Pin Oak Investment Advisors Inc. raised its holdings in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the last quarter. Canton Hathaway LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is 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.