Broadcom (NASDAQ:AVGO) Shares Down 6.7% – Time to Sell?

Broadcom Inc. (NASDAQ:AVGO)’s stock price dropped 6.7% during mid-day trading on Friday . The company traded as low as $139.17 and last traded at $143.68. Approximately 18,442,794 shares changed hands during trading, a decline of 39% from the average daily volume of 30,412,429 shares. The stock had previously closed at $154.01.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of recent research reports. Evercore ISI boosted their target price on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Jefferies Financial Group raised their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Susquehanna raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Down 2.8 %

The company’s 50-day moving average price is $203.54 and its 200 day moving average price is $196.08. 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 stock has a market cap of $704.09 billion, a PE ratio of 122.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 745,976 shares of company stock valued at $138,632,902 in the last 90 days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes 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 shares of Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.