Insider Selling: Broadcom Inc. (NASDAQ:AVGO) Director Sells 3,000 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the transaction, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Broadcom Stock Performance

AVGO stock traded up $6.30 during midday trading on Monday, hitting $275.65. The company's stock had a trading volume of 24,687,200 shares, compared to its average volume of 28,894,148. The stock has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.24, a PEG ratio of 1.92 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock's 50-day moving average price is $229.43 and its 200 day moving average price is $215.75. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.66.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

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 buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is 88.39%.

Analysts Set New Price Targets

A number of research firms have weighed in on AVGO. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday, June 15th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Mizuho boosted their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $281.25.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of the company. Waddell & Associates LLC grew its stake in shares of Broadcom by 2.1% during the 1st quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer's stock worth $350,000 after acquiring an additional 43 shares during the period. Challenger Wealth Management boosted its position in Broadcom by 1.3% during the first quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer's stock worth $587,000 after purchasing an additional 45 shares during the period. SlateStone Wealth LLC boosted its position in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC increased its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares in the last quarter. Finally, Wescott Financial Advisory Group LLC raised its position in shares of Broadcom by 3.8% in the first quarter. Wescott Financial Advisory Group LLC now owns 1,326 shares of the semiconductor manufacturer's stock valued at $222,000 after purchasing an additional 48 shares during the period. 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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