Broadcom (NASDAQ:AVGO) Shares Down 2.8% – Time to Sell?

Shares of Broadcom Inc. (NASDAQ:AVGO) fell 2.8% during trading on Wednesday . The stock traded as low as $369.51 and last traded at $370.32. 20,984,347 shares traded hands during trading, a decline of 18% from the average session volume of 25,722,797 shares. The stock had previously closed at $380.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. UBS Group set a $485.00 price target on Broadcom and gave the stock a “buy” rating in a research note on Thursday, June 4th. Evercore reaffirmed an “outperform” rating and issued a $582.00 price objective on shares of Broadcom in a research note on Tuesday, May 19th. Dbs Bank upgraded Broadcom to a “moderate buy” rating in a research report on Thursday, June 18th. Royal Bank Of Canada boosted their price target on Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a report on Thursday, June 4th. Finally, Truist Financial lifted their price objective on shares of Broadcom from $545.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Twenty-eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $493.24.

Broadcom Trading Down 2.8%

The stock has a 50-day simple moving average of $396.06 and a two-hundred day simple moving average of $367.39. The firm has a market capitalization of $1.76 trillion, a P/E ratio of 61.72, a price-to-earnings-growth ratio of 0.73 and a beta of 1.45. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.Broadcom’s revenue was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.58 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 10.24 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s payout ratio is currently 43.33%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 1,890 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total transaction of $728,368.20. Following the sale, the director directly owned 31,326 shares in the company, valued at $12,072,413.88. This represents a 5.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harry L. You bought 1,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $373.57 per share, with a total value of $373,570.00. Following the purchase, the director owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. This represents a 2.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 61,644 shares of company stock worth $24,016,214 in the last quarter. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Large investors have recently modified their holdings of the stock. Fullerton Advisors LLC lifted its stake in shares of Broadcom by 1.3% in the 1st quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer’s stock valued at $616,000 after purchasing an additional 25 shares during the last quarter. NORTHSTAR ASSET MANAGEMENT Co lifted its position in shares of Broadcom by 0.5% during the 1st quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer’s stock worth $1,656,000 after purchasing an additional 25 shares during the last quarter. RFG Holdings Inc. boosted its stake in Broadcom by 0.3% during the 1st quarter. RFG Holdings Inc. now owns 8,499 shares of the semiconductor manufacturer’s stock valued at $2,631,000 after purchasing an additional 26 shares during the period. Yukon Wealth Management Inc. boosted its holdings in Broadcom by 1.1% in the 1st quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock valued at $774,000 after purchasing an additional 26 shares during the period. Finally, NerdWallet Wealth Partners LLC grew its position in Broadcom by 2.6% in the 2nd quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer’s stock worth $399,000 after purchasing an additional 27 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.