Broadcom Inc. (NASDAQ:AVGO) Director Sells $3,400,200.00 in Stock

Broadcom Inc. (NASDAQ:AVGO) Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Broadcom Stock Up 2.4 %

AVGO traded up $5.68 during mid-day trading on Thursday, reaching $245.36. 28,403,055 shares of the stock were exchanged, compared to its average volume of 30,523,424. The company has a 50 day moving average price of $183.03 and a two-hundred day moving average price of $169.78. The stock has a market capitalization of $1.15 trillion, a PE ratio of 213.17, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom Inc. has a 1 year low of $104.15 and a 1 year high of $251.88.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Broadcom by 976.6% during the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC increased its position in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its stake in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Truist Financial boosted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Susquehanna boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. UBS Group raised their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Bank of America boosted their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen boosted their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus 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.