Broadcom (NASDAQ:AVGO) Trading Up 1.7% – What’s Next?

Broadcom Inc. (NASDAQ:AVGO)’s share price was up 1.7% during mid-day trading on Wednesday . The stock traded as high as $190.37 and last traded at $191.95. Approximately 3,911,866 shares traded hands during trading, a decline of 87% from the average daily volume of 29,015,726 shares. The stock had previously closed at $188.67.

Analyst Ratings Changes

A number of research firms recently issued reports on AVGO. Robert W. Baird upped 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. Citigroup increased their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. TD Cowen boosted their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Barclays boosted their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Performance

The stock has a 50 day simple moving average of $216.48 and a 200 day simple moving average of $194.61. 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 company has a market cap of $904.58 billion, a price-to-earnings ratio of 157.00, a PEG ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Buying and Selling at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 12,570 shares of Broadcom stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $229.62, for a total value of $2,886,323.40. Following the sale, the chief financial officer now owns 325,443 shares in the company, valued at $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,738 shares of company stock valued at $43,395,200 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. grew its stake in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter worth $30,000. 76.43% of the stock is currently owned by institutional investors.

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.