Broadcom (NASDAQ:AVGO) Shares Down 0.4% – Here’s Why

Shares of Broadcom Inc. (NASDAQ:AVGO) were down 0.4% during trading on Tuesday . The stock traded as low as $163.42 and last traded at $166.83. Approximately 5,745,393 shares traded hands during trading, a decline of 81% from the average daily volume of 30,296,572 shares. The stock had previously closed at $167.43.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Benchmark reissued a “buy” rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Evercore ISI raised their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Finally, Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Stock Performance

The stock has a 50 day moving average price of $208.08 and a two-hundred day moving average price of $196.54. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market capitalization of $788.16 billion, a price-to-earnings ratio of 136.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.41%. Broadcom’s payout ratio is 113.46%.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 785,976 shares of company stock valued at $147,912,102 over the last three months. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

A number of institutional investors have recently bought and sold shares of the business. Central Pacific Bank Trust Division lifted its stake in Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after buying an additional 3,707 shares during the period. Wolff Financial Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $244,000. Strait & Sound Wealth Management LLC raised its position in shares of Broadcom by 829.8% in the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after acquiring an additional 7,095 shares during the period. Motive Wealth Advisors boosted its stake in Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after acquiring an additional 4,209 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in Broadcom by 969.3% during the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the period. Institutional investors and hedge funds 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.