Broadcom Inc. (NASDAQ:AVGO) CFO Sells $9,497,164.50 in Stock

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer now owns 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Broadcom Trading Up 2.1%

Shares of AVGO stock traded up $5.52 during trading hours on Thursday, reaching $270.17. The company's stock had a trading volume of 23,540,196 shares, compared to its average volume of 29,084,360. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a one year low of $128.50 and a one year high of $271.62. The stock has a market capitalization of $1.27 trillion, a P/E ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11. The firm's fifty day simple moving average is $225.48 and its 200 day simple moving average is $213.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business earned $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $27,451,000. Peterson Wealth Management grew its stake in Broadcom by 2.2% in the first quarter. Peterson Wealth Management now owns 8,425 shares of the semiconductor manufacturer's stock worth $1,411,000 after purchasing an additional 179 shares during the period. Kondo Wealth Advisors Inc. raised its holdings in Broadcom by 6.5% in the first quarter. Kondo Wealth Advisors Inc. now owns 1,282 shares of the semiconductor manufacturer's stock worth $215,000 after purchasing an additional 78 shares in the last quarter. 1248 Management LLC raised its holdings in Broadcom by 312.4% in the first quarter. 1248 Management LLC now owns 6,239 shares of the semiconductor manufacturer's stock worth $1,045,000 after purchasing an additional 4,726 shares in the last quarter. Finally, First Long Island Investors LLC lifted its position in Broadcom by 8,264.5% during the first quarter. First Long Island Investors LLC now owns 76,117 shares of the semiconductor manufacturer's stock valued at $12,744,000 after buying an additional 75,207 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVGO. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $281.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.