Broadcom Inc. (NASDAQ:AVGO) Director Justine Page Sells 800 Shares

Broadcom Inc. (NASDAQ:AVGO) Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Broadcom Stock Down 2.4 %

Shares of NASDAQ:AVGO traded down $4.34 during midday trading on Wednesday, reaching $174.61. The company had a trading volume of 34,608,946 shares, compared to its average volume of 31,327,242. The stock has a market capitalization of $821.01 billion, a P/E ratio of 142.42, a PEG ratio of 2.29 and a beta of 1.05. The stock’s fifty day moving average price is $193.40 and its 200-day moving average price is $196.03. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Canton Hathaway LLC acquired a new stake in Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the fourth quarter worth approximately $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on AVGO shares. Bank of America reduced their price target on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Finally, Mizuho cut their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $231.28.

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.