Broadcom Inc. (NASDAQ:AVGO) CEO Sells $10,798,200.00 in Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Broadcom Stock Down 1.5 %

Shares of NASDAQ:AVGO traded down $3.61 on Friday, hitting $241.75. 29,222,434 shares of the company traded hands, compared to its average volume of 30,518,758. The stock has a 50 day simple moving average of $184.30 and a 200-day simple moving average of $170.51. The company has a market cap of $1.13 trillion, a PE ratio of 210.03, a PEG ratio of 2.15 and a beta of 1.13. Broadcom Inc. has a 52 week low of $104.15 and a 52 week high of $251.88. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be paid a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.98%. Broadcom’s payout ratio is currently 191.87%.

Institutional Trading of Broadcom

Several large investors have recently modified their holdings of the company. Richardson Financial Services Inc. lifted its position in shares of Broadcom by 2.4% during the 3rd quarter. Richardson Financial Services Inc. now owns 2,507 shares of the semiconductor manufacturer’s stock worth $415,000 after buying an additional 59 shares during the period. Delta Investment Management LLC boosted its position in Broadcom by 14.9% in the 2nd quarter. Delta Investment Management LLC now owns 510 shares of the semiconductor manufacturer’s stock valued at $818,000 after buying an additional 66 shares during the last quarter. Raab & Moskowitz Asset Management LLC boosted its stake in shares of Broadcom by 6.2% in the 2nd quarter. Raab & Moskowitz Asset Management LLC now owns 1,156 shares of the semiconductor manufacturer’s stock valued at $1,856,000 after purchasing an additional 67 shares during the last quarter. Decatur Capital Management Inc. grew its position in shares of Broadcom by 2.2% during the 2nd quarter. Decatur Capital Management Inc. now owns 3,166 shares of the semiconductor manufacturer’s stock worth $5,083,000 after buying an additional 68 shares during the period. Finally, Kathmere Capital Management LLC raised its position in shares of Broadcom by 11.3% during the 2nd quarter. Kathmere Capital Management LLC now owns 672 shares of the semiconductor manufacturer’s stock valued at $1,079,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. TD Cowen raised their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Jefferies Financial Group increased their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Barclays boosted their target price on Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Finally, Morgan Stanley raised their price objective on Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $221.88.

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.