Broadcom (NASDAQ:AVGO) Shares Down 2.6% – Time to Sell?

Broadcom Inc. (NASDAQ:AVGO)’s share price was down 2.6% during mid-day trading on Tuesday . The stock traded as low as $188.45 and last traded at $189.51. Approximately 7,350,477 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 29,037,746 shares. The stock had previously closed at $194.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Susquehanna raised their price target on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Up 3.7 %

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market capitalization of $919.56 billion, a price-to-earnings ratio of 159.52, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The firm’s 50-day simple moving average is $215.81 and its 200-day simple moving average is $194.61.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio is 113.46%.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 12,570 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the transaction, the chief financial officer now directly owns 325,443 shares of the company’s stock, valued at approximately $74,728,221.66. This trade represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,738 shares of company stock worth $43,395,200 in the last ninety days. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors.

About Broadcom

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.