Broadcom (NASDAQ:AVGO) Trading Down 2% – Here’s What Happened

Shares of Broadcom Inc. (NASDAQ:AVGO) traded down 2% during mid-day trading on Friday . The stock traded as low as $168.60 and last traded at $168.58. 7,550,616 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 28,933,974 shares. The stock had previously closed at $171.99.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. TD Cowen upped their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Citigroup lifted their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Jefferies Financial Group increased their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Stock Performance

The company has a market capitalization of $789.45 billion, a P/E ratio of 136.86, a PEG ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company’s 50-day moving average is $210.84 and its two-hundred day moving average is $195.72.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.41%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares in the company, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’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 sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 122,000 shares of company stock worth $27,334,060 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

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

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.