Broadcom Inc. (NASDAQ:AVGO - Get Free Report) fell 1.4% during mid-day trading on Friday . The stock traded as low as $249.59 and last traded at $252.52. 5,503,536 shares traded hands during trading, a decline of 82% from the average session volume of 30,721,572 shares. The stock had previously closed at $256.07.
Analyst Ratings Changes
AVGO has been the subject of several analyst reports. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and an average target price of $272.71.
Read Our Latest Research Report on AVGO
Broadcom Trading Down 2.9%
The firm has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The company's fifty day moving average price is $213.01 and its two-hundred day moving average price is $209.15. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently declared 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. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Broadcom declared that its Board of Directors has initiated a stock repurchase 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 reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.
Insider Activity at Broadcom
In related news, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 730,576 shares of company stock valued at $133,778,494. Company insiders own 2.00% of the company's stock.
Institutional Investors Weigh In On Broadcom
Large investors have recently made changes to their positions in the business. Kondo Wealth Advisors Inc. grew its holdings in Broadcom by 6.5% during the 1st quarter. Kondo Wealth Advisors Inc. now owns 1,282 shares of the semiconductor manufacturer's stock valued at $215,000 after purchasing an additional 78 shares in the last quarter. 1248 Management LLC boosted its stake in Broadcom by 312.4% during the 1st quarter. 1248 Management LLC now owns 6,239 shares of the semiconductor manufacturer's stock valued at $1,045,000 after acquiring an additional 4,726 shares during the last quarter. First Long Island Investors LLC boosted its stake in Broadcom by 8,264.5% during the 1st quarter. First Long Island Investors LLC now owns 76,117 shares of the semiconductor manufacturer's stock valued at $12,744,000 after acquiring an additional 75,207 shares during the last quarter. Nicola Wealth Management LTD. boosted its stake in Broadcom by 18.2% during the 1st quarter. Nicola Wealth Management LTD. now owns 128,800 shares of the semiconductor manufacturer's stock valued at $21,565,000 after acquiring an additional 19,800 shares during the last quarter. Finally, First Hawaiian Bank boosted its stake in Broadcom by 11.4% during the 1st quarter. First Hawaiian Bank now owns 38,372 shares of the semiconductor manufacturer's stock valued at $6,425,000 after acquiring an additional 3,936 shares during the last quarter. 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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