Broadcom (NASDAQ:AVGO) Shares Down 1.5%

Shares of Broadcom Inc. (NASDAQ:AVGO) dropped 1.5% during mid-day trading on Friday . The company traded as low as $1,234.00 and last traded at $1,240.45. Approximately 568,256 shares changed hands during trading, a decline of 81% from the average daily volume of 2,914,473 shares. The stock had previously closed at $1,258.99.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Evercore ISI initiated coverage on Broadcom in a research report on Tuesday. They set an “outperform” rating and a $1,620.00 price objective for the company. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Mizuho lifted their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research report on Thursday, March 7th. Finally, Benchmark reiterated a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Trading Down 2.6 %

The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The business’s 50-day simple moving average is $1,306.69 and its two-hundred day simple moving average is $1,116.18. The company has a market capitalization of $568.16 billion, a PE ratio of 45.98, a PEG ratio of 2.62 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the company posted $9.83 EPS. On average, analysts predict that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.71%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the sale, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently bought and sold shares of the business. Valeo Financial Advisors LLC raised its stake in Broadcom by 11.9% during the first quarter. Valeo Financial Advisors LLC now owns 4,900 shares of the semiconductor manufacturer’s stock worth $6,494,000 after acquiring an additional 521 shares during the period. Evolution Wealth Advisors LLC bought a new position in Broadcom in the 1st quarter worth about $207,000. Monument Capital Management grew its position in Broadcom by 1.8% in the 1st quarter. Monument Capital Management now owns 2,980 shares of the semiconductor manufacturer’s stock worth $3,950,000 after purchasing an additional 54 shares during the last quarter. Handelsinvest Investeringsforvaltning bought a new position in Broadcom in the 1st quarter worth about $2,835,000. Finally, Oxinas Partners Wealth Management LLC grew its position in Broadcom by 50.1% in the 1st quarter. Oxinas Partners Wealth Management LLC now owns 1,036 shares of the semiconductor manufacturer’s stock worth $1,373,000 after purchasing an additional 346 shares during the last quarter. 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.