Broadcom (NASDAQ:AVGO) Trading Up 1.1% - What's Next?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report)'s share price traded up 1.1% during trading on Tuesday . The stock traded as high as $182.26 and last traded at $180.29. 4,685,559 shares traded hands during trading, a decline of 85% from the average session volume of 31,238,851 shares. The stock had previously closed at $178.36.

Analysts Set New Price Targets

AVGO has been the topic of a number of research analyst reports. Truist Financial lifted their price target on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 price objective on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley upped their target price on shares of Broadcom from $246.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Bank of America cut their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.28.

Broadcom Trading Down 2.1 %

The company has a market capitalization of $803.99 billion, a PE ratio of 139.47, a PEG ratio of 2.29 and a beta of 1.05. The stock has a fifty day moving average of $189.84 and a two-hundred day moving average of $195.90. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction 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 sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC lifted its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank bought a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp raised its stake in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other 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.