Broadcom Inc. (NASDAQ:AVGO) Director Sells $1,569,600.00 in Stock

Broadcom Inc. (NASDAQ:AVGO) Director Harry L. You sold 6,540 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares in the company, valued at $7,308,000. This trade represents a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Broadcom Price Performance

Shares of AVGO stock traded down $5.30 on Thursday, reaching $218.32. 40,493,063 shares of the company were exchanged, compared to its average volume of 30,106,924. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 189.68, a P/E/G ratio of 2.15 and a beta of 1.13. The business has a 50-day moving average price of $178.05 and a 200 day moving average price of $166.48. Broadcom Inc. has a 1 year low of $104.15 and a 1 year high of $251.88. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the firm earned $0.98 EPS. Broadcom’s revenue was up 51.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

Hedge Funds Weigh In On Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Broadcom in the second quarter valued at approximately $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Broadcom during the second quarter worth $136,000. American Capital Advisory LLC purchased a new position in Broadcom during the second quarter worth approximately $169,000. Semus Wealth Partners LLC purchased a new stake in Broadcom during the second quarter valued at about $202,000. Finally, Palisades Hudson Asset Management L.P. purchased a new stake in shares of Broadcom during the 2nd quarter worth about $204,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AVGO. Benchmark reiterated a “buy” rating and set a $255.00 price target (up from $210.00) on shares of Broadcom in a report on Friday, December 13th. Citigroup raised their price target on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. UBS Group increased their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Robert W. Baird boosted their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Truist Financial raised their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $220.54.

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.