Broadcom (NASDAQ:AVGO) Trading Down 0.1% – What’s Next?

Broadcom Inc. (NASDAQ:AVGO)’s stock price dropped 0.1% during mid-day trading on Monday . The stock traded as low as $162.22 and last traded at $164.74. Approximately 2,960,294 shares changed hands during trading, a decline of 90% from the average daily volume of 29,406,910 shares. The stock had previously closed at $164.84.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Truist Financial increased their price objective on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. UBS Group raised their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Broadcom Stock Performance

The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock’s fifty day moving average is $172.84 and its two-hundred day moving average is $159.35. The firm has a market capitalization of $772.79 billion, a price-to-earnings ratio of 143.13, a P/E/G ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the firm earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.28%. Broadcom’s payout ratio is presently 184.19%.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

A number of hedge funds have recently added to or reduced their stakes in AVGO. Castleview Partners LLC increased its holdings in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% during 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 during the period. Delta Asset Management LLC TN raised its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. JDM Financial Group LLC boosted its stake in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Tsfg LLC grew its stake in Broadcom by 1,073.7% during the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 204 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.