Broadcom (NASDAQ:AVGO) Shares Down 0% on Insider Selling

Broadcom Inc. (NASDAQ:AVGO) traded down 0% during mid-day trading on Monday following insider selling activity. The stock traded as low as $221.60 and last traded at $228.55. 5,374,449 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 31,153,465 shares. The stock had previously closed at $228.61.

Specifically, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVGO shares. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Truist Financial raised their price target on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Mizuho reduced their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Finally, Bank of America dropped their price objective on shares of Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $229.48.

Broadcom Price Performance

The business’s fifty day moving average price is $187.08 and its 200 day moving average price is $199.61. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market cap of $1.08 trillion, a P/E ratio of 187.07, a PEG ratio of 2.29 and a beta of 1.04.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.03%. Broadcom’s dividend payout ratio is currently 113.46%.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Wolff Financial Management LLC acquired a new position in Broadcom during the 4th quarter worth about $244,000. Motive Wealth Advisors grew its position in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after buying an additional 4,209 shares during the last quarter. Nebula Research & Development LLC increased its stake in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after buying an additional 14,399 shares during the period. Finally, TTP Investments Inc. raised its position in shares of Broadcom by 71.7% during the fourth quarter. TTP Investments Inc. now owns 60,649 shares of the semiconductor manufacturer’s stock worth $14,061,000 after acquiring an additional 25,330 shares during the last quarter. 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.