Broadcom (NASDAQ:AVGO) Stock Price Down 0.6% - Here's What Happened

Shares of Broadcom Inc. (NASDAQ:AVGO - Get Free Report) traded down 0.6% during trading on Tuesday . The stock traded as low as $226.34 and last traded at $229.22. Approximately 2,881,631 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 31,081,161 shares. The stock had previously closed at $230.63.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AVGO shares. Citigroup cut their price objective on Broadcom from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Mizuho cut their price target on Broadcom from $260.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, March 7th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Rosenblatt Securities restated a "buy" rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Finally, Barclays cut their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.48.

Broadcom Price Performance

The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.08 trillion, a P/E ratio of 188.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The stock has a 50 day moving average of $190.02 and a 200-day moving average of $200.90.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a share buyback program 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 programs are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on 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 sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the 1st quarter valued at $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom in the 1st quarter worth $25,000. Canton Hathaway LLC bought a new position in shares of Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth $26,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth $26,000. 76.43% of the stock is owned by institutional investors.

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.