Broadcom Inc. (NASDAQ:AVGO) Short Interest Update

Broadcom Inc. (NASDAQ:AVGO) was the target of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 5,650,000 shares, a growth of 7.8% from the May 15th total of 5,240,000 shares. Based on an average trading volume of 2,720,000 shares, the short-interest ratio is currently 2.1 days.

Insiders Place Their Bets

In other news, Director Justine Page sold 110 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Broadcom news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,770 shares of company stock worth $36,242,096. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently made changes to their positions in the stock. Horizon Family Wealth Inc. raised its stake in shares of Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares during the last quarter. Tucker Asset Management LLC lifted its stake in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares during the period. Buckley Wealth Management LLC boosted its holdings in shares of Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. increased its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC lifted its position in Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. UBS Group boosted their target price on Broadcom from $1,610.00 to $1,735.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Mizuho upped their price objective on Broadcom from $1,625.00 to $1,900.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. The Goldman Sachs Group raised their target price on shares of Broadcom from $1,550.00 to $1,850.00 and gave the company a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $1,700.00 to $2,000.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Finally, Melius Research assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $1,667.48.

Broadcom Stock Down 0.5 %

Shares of AVGO traded down $9.72 during mid-day trading on Tuesday, hitting $1,819.15. The company’s stock had a trading volume of 5,907,921 shares, compared to its average volume of 2,982,418. The firm has a market capitalization of $846.79 billion, a price-to-earnings ratio of 77.28, a PEG ratio of 3.24 and a beta of 1.17. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The company’s 50-day moving average is $1,369.97 and its 200-day moving average is $1,261.60. Broadcom has a 52-week low of $795.09 and a 52-week high of $1,851.62.

Shares of Broadcom are set to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The business had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter last year, the company earned $9.51 earnings per share. The company’s quarterly revenue was up 43.0% on a year-over-year basis. On average, equities research analysts forecast that Broadcom will post 36.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be issued a $5.25 dividend. The ex-dividend date is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.15%. Broadcom’s dividend payout ratio is currently 90.32%.

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.