Broadcom (NASDAQ:AVGO) Trading 0.7% Higher – What’s Next?

Broadcom Inc. (NASDAQ:AVGO) rose 0.7% on Wednesday . The company traded as high as $170.00 and last traded at $169.66. Approximately 3,916,650 shares changed hands during trading, a decline of 87% from the average daily volume of 30,301,953 shares. The stock had previously closed at $168.52.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AVGO shares. Citigroup boosted their price target 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. Truist Financial upped their price target on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Mizuho lowered their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Finally, Robert W. Baird boosted their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

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 company has a market capitalization of $810.76 billion, a PE ratio of 140.65, a P/E/G ratio of 2.29 and a beta of 1.01. The company’s 50-day simple moving average is $206.64 and its 200-day simple moving average is $196.54.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 785,976 shares of company stock valued at $147,912,102 in the last ninety days. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Wealth Strategies & Associates boosted its stake in shares of Broadcom by 16.4% in the first quarter. Global Wealth Strategies & Associates now owns 589 shares of the semiconductor manufacturer’s stock valued at $99,000 after buying an additional 83 shares in the last quarter. Centre Asset Management LLC purchased a new stake in shares of Broadcom during the 1st quarter worth $4,795,000. Hobart Private Capital LLC acquired a new position in shares of Broadcom during the 1st quarter worth $216,000. Trust Co of the South increased its holdings in shares of Broadcom by 3.5% in the 1st quarter. Trust Co of the South now owns 4,016 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 136 shares in the last quarter. Finally, Modus Advisors LLC lifted its stake in shares of Broadcom by 15.2% in the first quarter. Modus Advisors LLC now owns 3,966 shares of the semiconductor manufacturer’s stock valued at $664,000 after purchasing an additional 522 shares during the period. Institutional investors and hedge funds 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.