Broadcom (NASDAQ:AVGO) Shares Down 0.5% – Here’s Why

Shares of Broadcom Inc. (NASDAQ:AVGO) traded down 0.5% during trading on Friday . The stock traded as low as $187.37 and last traded at $189.64. 8,232,617 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 29,037,497 shares. The stock had previously closed at $190.54.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Barclays upped their price target on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Finally, TD Cowen increased their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Trading Up 0.6 %

The firm’s 50-day moving average is $214.38 and its 200-day moving average is $195.08. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market cap of $901.18 billion, a price-to-earnings ratio of 156.33, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

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

Insider Activity at Broadcom

In other Broadcom news, Director Diane M. Bryant sold 15,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the transaction, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 172,168 shares of company stock valued at $40,508,877. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

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