Broadcom (NASDAQ:AVGO) Trading Down 2.9% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s stock price dropped 2.9% on Thursday after an insider sold shares in the company. The stock traded as low as $172.71 and last traded at $174.10. Approximately 8,916,096 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 28,904,089 shares. The stock had previously closed at $179.27.

Specifically, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

Several research firms have issued reports on AVGO. TD Cowen upped their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target on shares of Broadcom in a report on Friday, March 7th. Evercore ISI upped their price objective on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Finally, Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Trading Down 2.9 %

The stock’s fifty day simple moving average is $211.99 and its 200-day simple moving average is $195.88. The firm has a market cap of $818.61 billion, a PE ratio of 142.01, a PEG ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.36%. The ex-dividend date is Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

Hedge Funds Weigh In On Broadcom

Institutional investors and hedge funds have recently bought and sold shares of the business. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Canton Hathaway LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.