Hock E. Tan Sells 50,000 Shares of Broadcom Inc. (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Broadcom Stock Performance

Shares of AVGO opened at $171.10 on Friday. The stock has a market capitalization of $796.45 billion, a P/E ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The company’s fifty day moving average is $156.81 and its two-hundred day moving average is $146.91. 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 (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.24%. Broadcom’s payout ratio is currently 9.12%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AVGO. Legend Financial Advisors Inc. raised its position in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC acquired a new position in Broadcom in the first quarter valued at $29,000. Delta Asset Management LLC TN lifted its position in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new stake in Broadcom in the 1st quarter worth about $36,000. Finally, Ulland Investment Advisors LLC purchased a new stake in Broadcom in the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVGO. Evercore ISI raised their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. UBS Group lowered their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Truist Financial boosted their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, William Blair assumed coverage on shares of Broadcom in a research note on Wednesday. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

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.