Broadcom (NASDAQ:AVGO) Stock Price Down 2% – Here’s Why

Broadcom Inc. (NASDAQ:AVGO) shares were down 2% during mid-day trading on Friday . The stock traded as low as $168.60 and last traded at $168.58. Approximately 7,550,616 shares were traded during trading, a decline of 74% from the average daily volume of 28,933,974 shares. The stock had previously closed at $171.99.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AVGO. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. TD Cowen raised their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Bank of America lifted their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock 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 business’s fifty day moving average price is $210.84 and its 200-day moving average price is $195.72. The stock has a market cap of $789.45 billion, a PE ratio of 136.86, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Dividend Announcement

The company also recently announced 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 1.41%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is 113.46%.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,000 shares of company stock worth $27,334,060 in the last three months. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Howard Capital Management Group LLC boosted its position in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the period. Principal Financial Group Inc. boosted its holdings in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after buying an additional 6,540,800 shares during the period. Quest Partners LLC increased its stake in Broadcom by 3,295.8% in the 3rd quarter. Quest Partners LLC now owns 815 shares of the semiconductor manufacturer’s stock worth $141,000 after buying an additional 791 shares in the last quarter. Wiser Advisor Group LLC raised its holdings in Broadcom by 1,665.7% during the third quarter. Wiser Advisor Group LLC now owns 618 shares of the semiconductor manufacturer’s stock valued at $107,000 after acquiring an additional 583 shares during the period. Finally, Acorn Wealth Advisors LLC lifted its position in shares of Broadcom by 1,244.8% in the third quarter. Acorn Wealth Advisors LLC now owns 2,219 shares of the semiconductor manufacturer’s stock valued at $383,000 after acquiring an additional 2,054 shares in the last quarter. Hedge funds and other institutional investors 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.