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

Shares of Broadcom Inc. (NASDAQ:AVGO) fell 0% during trading on Wednesday . The stock traded as low as $162.69 and last traded at $164.74. 16,308,772 shares were traded during trading, a decline of 15% from the average session volume of 19,165,998 shares. The stock had previously closed at $164.82.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Truist Financial lifted their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. William Blair started coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. The Goldman Sachs Group lifted their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Mizuho increased their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Stock Performance

The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $173.57 and a 200-day simple moving average of $161.49. The company has a market capitalization of $745.75 billion, a P/E ratio of 138.84, a PEG ratio of 1.94 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for 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 company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. Equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.33%. Broadcom’s payout ratio is presently 184.35%.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 311,080 shares of company stock worth $53,540,590. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently added to or reduced their stakes in AVGO. Jacobs Levy Equity Management Inc. lifted its position in Broadcom by 166.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,316 shares of the semiconductor manufacturer’s stock valued at $3,070,000 after purchasing an additional 1,446 shares during the period. Soltis Investment Advisors LLC lifted its holdings in Broadcom by 7.4% in the first quarter. Soltis Investment Advisors LLC now owns 521 shares of the semiconductor manufacturer’s stock valued at $690,000 after buying an additional 36 shares during the period. Cypress Asset Management Inc. TX boosted its stake in Broadcom by 26.1% in the first quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock valued at $8,345,000 after acquiring an additional 1,282 shares during the last quarter. American Trust grew its holdings in Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock worth $656,000 after acquiring an additional 44 shares during the period. Finally, Jackson Wealth Management LLC raised its position in shares of Broadcom by 2.2% during the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock valued at $24,271,000 after acquiring an additional 386 shares during the last quarter. 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.