Investors Sell Shares of Broadcom (AVGO) on Strength (AVGO)

Investors sold shares of Broadcom Inc (NASDAQ:AVGO) on strength during trading on Thursday. $112.76 million flowed into the stock on the tick-up and $165.05 million flowed out of the stock on the tick-down, for a money net flow of $52.29 million out of the stock. Of all companies tracked, Broadcom had the 0th highest net out-flow for the day. Broadcom traded up $2.97 for the day and closed at $243.53

Several research firms have weighed in on AVGO. DA Davidson decreased their target price on shares of Broadcom to $300.00 and set a “positive” rating on the stock in a report on Thursday, May 10th. Canaccord Genuity boosted their target price on shares of Broadcom from $100.00 to $325.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Wednesday, May 16th. Drexel Hamilton restated a “buy” rating and issued a $313.00 price objective (up from $302.00) on shares of Broadcom in a report on Friday, March 16th. Finally, SunTrust Banks decreased their price objective on shares of Broadcom to $328.00 and set a “buy” rating on the stock in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $308.71.

The company has a current ratio of 5.70, a quick ratio of 5.04 and a debt-to-equity ratio of 0.60. The stock has a market cap of $100.03 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.16 and a beta of 0.95.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 15th. The semiconductor manufacturer reported $5.12 EPS for the quarter, beating the Zacks’ consensus estimate of $4.41 by $0.71. Broadcom had a net margin of 41.37% and a return on equity of 29.50%. The company had revenue of $5.33 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the firm posted $3.63 EPS. The company’s quarterly revenue was up 28.5% compared to the same quarter last year. analysts anticipate that Broadcom Inc will post 16.82 EPS for the current year.

Broadcom announced that its Board of Directors has approved a share buyback plan on Thursday, April 12th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

In other news, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $248.03, for a total value of $4,960,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kirsten M. Spears sold 199 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $243.88, for a total transaction of $48,532.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,675 shares of company stock worth $20,078,429. Insiders own 3.30% of the company’s stock.

Institutional investors have recently modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $124,000. We Are One Seven LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $142,000. FNY Partners Fund LP acquired a new position in shares of Broadcom in the 4th quarter valued at $154,000. Independence Bank of Kentucky acquired a new position in shares of Broadcom in the 4th quarter valued at $188,000. Finally, Premia Global Advisors LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $198,000. Institutional investors and hedge funds own 86.67% of the company’s stock.

Broadcom Company Profile

Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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