Broadcom (NASDAQ:AVGO) Shares Down 2.6% Following Insider Selling

Shares of Broadcom Inc. (NASDAQ:AVGO) fell 2.6% during trading on Wednesday following insider selling activity. The stock traded as low as $182.62 and last traded at $183.44. 7,961,533 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 28,864,232 shares. The stock had previously closed at $188.26.

Specifically, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction 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 of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Trading Up 0.2 %

The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a market cap of $810.53 billion, a price-to-earnings ratio of 140.05, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The firm has a 50-day moving average price of $210.84 and a 200 day moving average price of $195.72.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently modified their holdings of AVGO. Pin Oak Investment Advisors Inc. boosted its position in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

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.