Broadcom (NASDAQ:AVGO) Stock Price Down 1.5% - Time to Sell?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s stock price traded down 1.5% during trading on Friday . The stock traded as low as $282.16 and last traded at $282.28. 5,920,836 shares were traded during trading, a decline of 79% from the average session volume of 27,818,850 shares. The stock had previously closed at $286.45.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 target price for the company. Wells Fargo & Company lifted their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Rosenblatt Securities lifted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $292.08.

Broadcom Trading Down 1.1%

The stock has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock's fifty day moving average price is $254.41 and its two-hundred day moving average price is $220.25.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth approximately $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom in the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth approximately $26,000. Sawyer & Company Inc lifted its stake in shares of Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer's stock worth $26,000 after purchasing an additional 36 shares during the period. Finally, Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter worth approximately $28,000. Institutional investors own 76.43% of the company's stock.

Broadcom Company Profile

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.