Broadcom (NASDAQ:AVGO) Trading Up 0.5% - Here's What Happened

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares shot up 0.5% during mid-day trading on Wednesday . The stock traded as high as $201.72 and last traded at $201.17. 3,326,984 shares changed hands during trading, a decline of 89% from the average session volume of 31,038,786 shares. The stock had previously closed at $200.09.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AVGO shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Truist Financial boosted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $255.00 target price on shares of Broadcom in a research note on Friday, March 7th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Three investment 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $229.48.

Broadcom Stock Performance

The company has a market capitalization of $947.67 billion, a PE ratio of 164.35, a PEG ratio of 2.29 and a beta of 1.04. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock's fifty day simple moving average is $182.01 and its 200-day simple moving average is $196.89.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.17%. Broadcom's payout ratio is 113.46%.

Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred 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 sale, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 719,776 shares of company stock worth $131,065,542. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds have recently made changes to their positions in the business. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth $25,000. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $26,000. Finally, Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth approximately $28,000. Hedge funds and other 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.

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