Insider Selling: Broadcom (NASDAQ:AVGO) Insider Sells $1,905,440.75 in Stock

Broadcom Inc. (NASDAQ:AVGO) insider Mark David Brazeal sold 4,825 shares of Broadcom stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the transaction, the insider directly owned 269,989 shares in the company, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Mark David Brazeal also recently made the following trade(s):

• On Tuesday, June 16th, Mark David Brazeal sold 3,327 shares of Broadcom stock. The stock was sold at an average price of $381.87, for a total transaction of $1,270,481.49.

Broadcom Price Performance

NASDAQ AVGO traded up $18.45 on Thursday, reaching $411.35. The company’s stock had a trading volume of 44,996,695 shares, compared to its average volume of 26,381,672. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The firm’s 50 day moving average is $408.66 and its two-hundred day moving average is $363.11. The stock has a market cap of $1.96 trillion, a PE ratio of 68.56, a PEG ratio of 0.66 and a beta of 1.41.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the previous year, the company posted $1.58 EPS. The business’s revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be given a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s payout ratio is 43.33%.

Institutional Trading of Broadcom

Several large investors have recently added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its holdings in shares of Broadcom by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. State Street Corp raised its position in Broadcom by 2.7% during the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after buying an additional 5,040,801 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer’s stock worth $38,396,634,000 after acquiring an additional 1,548,699 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 3.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer’s stock worth $29,607,500,000 after acquiring an additional 2,491,644 shares in the last quarter. Finally, Norges Bank acquired a new stake in Broadcom during the 4th quarter worth about $24,252,196,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Oppenheimer reiterated an “outperform” rating and set a $535.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, June 4th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $525.00 target price on shares of Broadcom in a research report on Thursday, June 4th. Truist Financial upped their target price on Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Citigroup reiterated a “buy” rating on shares of Broadcom in a research report on Thursday, June 4th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $490.13.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom expanded its cash tender offer to $3 billion from $2.5 billion after strong investor interest, a move that signals confidence in its balance sheet and can reduce future interest expense. Article: Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan reiterated a bullish view, saying investors should be “aggressive buyers” of Broadcom and arguing the market underestimates the company’s long-term AI opportunity, which has helped support the stock. Article: AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Analyst commentary continues to highlight Broadcom’s AI chip pipeline and multi-year growth outlook, reinforcing investor enthusiasm for its custom silicon business. Article: Broadcom’s Massive AI Pipeline Secures Multi-Year Growth, Analyst Says
• Neutral Sentiment: Broadcom’s recent earnings and outlook remain a backdrop for the move, with the company having recently beaten EPS and revenue estimates and posted strong year-over-year growth, but investors are still weighing high expectations and valuation.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.