Insider Selling: Broadcom Inc. (NASDAQ:AVGO) Director Sells 4,000 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO) Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Broadcom Trading Down 2.2 %

Shares of AVGO stock opened at $224.31 on Friday. The stock has a fifty day simple moving average of $196.90 and a two-hundred day simple moving average of $175.71. Broadcom Inc. has a 52-week low of $107.45 and a 52-week high of $251.88. The firm has a market capitalization of $1.05 trillion, a PE ratio of 194.88, a PEG ratio of 2.15 and a beta of 1.03. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the business posted $0.98 earnings per share. The firm’s revenue was up 51.2% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is currently 191.87%.

Institutional Trading of Broadcom

Several hedge funds have recently made changes to their positions in the business. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Broadcom in the 2nd quarter valued at approximately $128,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Broadcom in the second quarter valued at $136,000. WPWealth LLP bought a new stake in shares of Broadcom in the 2nd quarter worth about $204,000. AIMZ Investment Advisors LLC purchased a new position in shares of Broadcom during the 2nd quarter worth about $207,000. Finally, Inspire Advisors LLC bought a new position in Broadcom during the 2nd quarter valued at about $211,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Benchmark restated a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Barclays increased their price objective on Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Piper Sandler boosted their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Bank of America raised their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $223.54.

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.