Broadcom (NASDAQ:AVGO) Shares Up 1.7% – Here’s What Happened

Shares of Broadcom Inc. (NASDAQ:AVGO) rose 1.7% during trading on Wednesday . The stock traded as high as $190.37 and last traded at $191.95. Approximately 3,911,866 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 29,015,726 shares. The stock had previously closed at $188.67.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. Susquehanna boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Citigroup upped their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Jefferies Financial Group raised their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Truist Financial lifted their price objective on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a report on Friday, March 7th. Finally, Evercore ISI increased their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Stock Performance

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 cap of $884.04 billion, a price-to-earnings ratio of 154.27, a PEG ratio of 2.29 and a beta of 1.01. The firm’s 50-day moving average price is $215.03 and its 200 day moving average price is $194.59.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 172,168 shares of company stock valued at $40,508,877 in the last 90 days. 2.00% of the stock is owned by company insiders.

Institutional Trading of Broadcom

Several hedge funds have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. raised its position in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the period. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter worth $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.