Charlie Kawwas Sells 1,928 Shares of Broadcom (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO) insider Charlie Kawwas sold 1,928 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total transaction of $631,998.40. Following the transaction, the insider owned 23,582 shares of the company’s stock, valued at $7,730,179.60. This represents a 7.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Broadcom Stock Performance

AVGO traded up $3.86 during midday trading on Thursday, hitting $329.88. 54,325,954 shares of the company were exchanged, compared to its average volume of 35,720,564. The company’s 50 day simple moving average is $362.96 and its 200 day simple moving average is $319.95. The firm has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 69.30, a price-to-earnings-growth ratio of 1.09 and a beta of 1.19. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.42 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s payout ratio is presently 49.58%.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sawyer & Company Inc boosted its stake in Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC purchased a new position in shares of Broadcom in the second quarter worth about $27,000. Legend Financial Advisors Inc. acquired a new position in Broadcom during the second quarter worth about $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom during the 2nd quarter valued at about $28,000. Finally, LGT Financial Advisors LLC acquired a new stake in Broadcom in the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Rosenblatt Securities increased their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. KeyCorp reiterated an “overweight” rating and issued a $500.00 price objective (up previously from $460.00) on shares of Broadcom in a research report on Friday, December 12th. Benchmark raised their target price on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, The Goldman Sachs Group set a $435.00 price target on Broadcom and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $435.96.

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.