Mark David Brazeal Sells 50,000 Shares of Broadcom Inc. (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider now directly owns 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Mark David Brazeal also recently made the following trade(s):

• On Friday, April 11th, Mark David Brazeal sold 25,000 shares of Broadcom stock. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00.

Broadcom Stock Up 2.1%

NASDAQ:AVGO traded up $5.52 during trading hours on Thursday, hitting $270.17. 23,540,196 shares of the company traded hands, compared to its average volume of 29,153,648. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.27 trillion, a PE ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11. The firm's 50-day simple moving average is $225.48 and its 200-day simple moving average is $213.98. Broadcom Inc. has a one year low of $128.50 and a one year high of $271.62.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

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

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Mizuho raised their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $281.25.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently made changes to their positions in AVGO. Tallon Kerry Patrick bought a new position in shares of Broadcom during the 4th quarter valued at approximately $357,000. LaFleur & Godfrey LLC grew its holdings in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Union Bancaire Privee UBP SA bought a new position in Broadcom during the fourth quarter valued at $71,312,000. Finally, Revolve Wealth Partners LLC increased its position in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

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.