Broadcom (NASDAQ:AVGO) Shares Down 0% – Time to Sell?

Broadcom Inc. (NASDAQ:AVGO)’s share price was down 0% on Wednesday . The company traded as low as $162.69 and last traded at $164.74. Approximately 16,308,772 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 19,165,998 shares. The stock had previously closed at $164.82.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVGO. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Finally, Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $195.96.

Broadcom Trading Down 0.0 %

The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $769.43 billion, a price-to-earnings ratio of 143.13, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. The firm has a 50-day moving average price of $173.76 and a 200 day moving average price of $161.09.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its holdings in shares of Broadcom by 1,114.6% during the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock valued at $3,849,270,000 after acquiring an additional 19,375,547 shares during the period. Decatur Capital Management Inc. lifted its stake in Broadcom by 891.2% during the third quarter. Decatur Capital Management Inc. now owns 31,381 shares of the semiconductor manufacturer’s stock worth $5,413,000 after purchasing an additional 28,215 shares during the period. Peapack Gladstone Financial Corp increased its stake in shares of Broadcom by 1,049.2% in the third quarter. Peapack Gladstone Financial Corp now owns 141,934 shares of the semiconductor manufacturer’s stock valued at $24,482,000 after buying an additional 129,583 shares in the last quarter. Synovus Financial Corp grew its holdings in Broadcom by 847.1% during the 3rd quarter. Synovus Financial Corp now owns 223,727 shares of the semiconductor manufacturer’s stock worth $38,593,000 after acquiring an additional 200,104 shares during the period. Finally, Castellan Group lifted its stake in shares of Broadcom by 840.3% in the 3rd quarter. Castellan Group now owns 17,377 shares of the semiconductor manufacturer’s stock valued at $2,998,000 after purchasing an additional 15,529 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.