Broadcom (NASDAQ:AVGO) Stock Price Down 2.9% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO) shares were down 2.9% during trading on Thursday after an insider sold shares in the company. The company traded as low as $172.71 and last traded at $174.10. Approximately 8,916,096 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 28,904,089 shares. The stock had previously closed at $179.27.

Specifically, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Mizuho reduced their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Robert W. Baird boosted their price objective on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. KeyCorp increased their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, William Blair reiterated an “outperform” rating on shares of Broadcom in a research report 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Price Performance

The stock has a market cap of $818.61 billion, a price-to-earnings ratio of 142.01, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a 50 day simple moving average of $211.99 and a 200-day simple moving average of $195.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Hedge Funds Weigh In On Broadcom

A number of large investors have recently bought and sold shares of AVGO. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. 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.