Broadcom (NASDAQ:AVGO) Stock Price Down 1.7% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s share price fell 1.7% during trading on Wednesday following insider selling activity. The stock traded as low as $1,296.02 and last traded at $1,308.87. 752,538 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 3,084,271 shares. The stock had previously closed at $1,331.49.

Specifically, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the transaction, the chief financial officer now owns 26,880 shares of the company’s stock, valued at approximately $28,039,603.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,810 shares of company stock worth $26,107,692. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Mizuho boosted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Barclays assumed coverage on shares of Broadcom in a research report on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 price objective on the stock. Truist Financial increased their price objective on shares of Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research note on Friday, December 8th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,230.18.

Broadcom Trading Up 0.5 %

The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The stock has a market capitalization of $614.22 billion, a PE ratio of 49.13, a PEG ratio of 2.78 and a beta of 1.26. The stock’s 50 day simple moving average is $1,271.85 and its two-hundred day simple moving average is $1,063.26.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the company earned $9.83 earnings per share. On average, sell-side analysts expect that Broadcom Inc. will post 36.8 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be paid a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Wednesday, March 20th. Broadcom’s payout ratio is currently 77.84%.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the company. Stuart Chaussee & Associates Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $25,000. PSI Advisors LLC boosted its stake in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares in the last quarter. BKM Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at $29,000. CKW Financial Group purchased a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Bollard Group LLC purchased a new stake in shares of Broadcom in the 2nd quarter valued at $26,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

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.