Broadcom (NASDAQ:AVGO) Shares Up 0.4% - Time to Buy?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s stock price was up 0.4% during trading on Friday . The stock traded as high as $191.00 and last traded at $188.83. Approximately 5,610,915 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 31,885,697 shares. The stock had previously closed at $188.15.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Truist Financial boosted their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Morgan Stanley upped their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Citigroup reduced their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $229.48.

Broadcom Stock Down 0.7 %

The stock has a market capitalization of $898.87 billion, a price-to-earnings ratio of 155.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The firm has a 50 day simple moving average of $183.64 and a 200-day simple moving average of $196.24. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

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

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Central Pacific Bank Trust Division lifted its holdings in Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer's stock valued at $4,858,000 after buying an additional 3,707 shares during the period. Wolff Financial Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $244,000. Motive Wealth Advisors boosted its stake in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer's stock valued at $1,066,000 after acquiring an additional 4,209 shares during the last quarter. Finally, Tidal Investments LLC raised its position in shares of Broadcom by 969.3% during the 3rd quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer's stock valued at $66,696,000 after acquiring an additional 350,485 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

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.