Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price traded up 1.2% during mid-day trading on Thursday . The company traded as high as $232.23 and last traded at $232.53. 3,485,326 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 31,031,272 shares. The stock had previously closed at $229.73.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Benchmark restated a "buy" rating and set a $255.00 price target on shares of Broadcom in a research report on Friday, March 7th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Barclays dropped their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Bank of America dropped their target price on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $229.48.
Check Out Our Latest Analysis on AVGO
Broadcom Trading Up 0.5%
The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market cap of $1.09 trillion, a PE ratio of 188.51, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The firm has a 50-day moving average price of $189.30 and a 200-day moving average price of $200.47.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.02%. Broadcom's payout ratio is 113.46%.
Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Broadcom
Institutional investors and hedge funds have recently modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom during the 1st quarter valued at $25,000. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $26,000. Finally, Inlight Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth $26,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
About Broadcom
(
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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