Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) were up 3.5% during trading on Thursday . The company traded as high as $199.79 and last traded at $199.18. Approximately 7,051,703 shares traded hands during trading, a decline of 77% from the average daily volume of 31,169,137 shares. The stock had previously closed at $192.47.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on AVGO shares. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday. Truist Financial raised their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $229.48.
Check Out Our Latest Research Report on AVGO
Broadcom Price Performance
The company has a 50-day moving average of $182.21 and a 200 day moving average of $196.61. The firm has a market cap of $957.50 billion, a P/E ratio of 166.10, a P/E/G ratio of 2.29 and a beta of 1.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.16%. Broadcom's dividend payout ratio is presently 113.46%.
Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.
Insider Activity at Broadcom
In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The shares were 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on 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 $95,564,585.40. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 719,776 shares of company stock valued at $131,065,542 in the last ninety days. Insiders own 2.00% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth about $25,000. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $26,000. Finally, Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Company Profile
(
Get Free Report)
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.
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