Broadcom (NASDAQ:AVGO) Shares Gap Down to $282.31

Broadcom Inc (NASDAQ:AVGO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $292.87, but opened at $282.31. Broadcom shares last traded at $275.77, with a volume of 5,353,023 shares.

Several research firms have commented on AVGO. Craig Hallum reiterated a “buy” rating and set a $315.00 price objective (down from $325.00) on shares of Broadcom in a research note on Friday, June 14th. Robert W. Baird cut their price objective on Broadcom from $300.00 to $280.00 and set an “outperform” rating for the company in a research note on Monday, June 17th. Oppenheimer set a $315.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. Citigroup cut their price objective on Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Finally, BMO Capital Markets cut their price objective on Broadcom from $270.00 to $260.00 and set a “market perform” rating for the company in a research note on Friday, June 14th. Eleven equities research analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $312.06.

The stock has a market capitalization of $112.76 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.42 and a beta of 0.88. The business has a fifty day moving average of $281.67 and a 200 day moving average of $287.56. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.32 and a quick ratio of 1.18.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the company posted $4.98 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc will post 16.97 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be issued a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio is presently 56.29%.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $288.71, for a total transaction of $5,774,200.00. Insiders have sold 60,000 shares of company stock worth $17,026,600 over the last 90 days. 3.30% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in AVGO. CRA Financial Services LLC increased its holdings in Broadcom by 2.0% in the second quarter. CRA Financial Services LLC now owns 1,696 shares of the semiconductor manufacturer’s stock valued at $488,000 after buying an additional 33 shares during the last quarter. Liberty Wealth Management LLC increased its holdings in Broadcom by 62.5% in the second quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 35 shares during the last quarter. Tarbox Family Office Inc. increased its holdings in Broadcom by 20.2% in the second quarter. Tarbox Family Office Inc. now owns 214 shares of the semiconductor manufacturer’s stock valued at $62,000 after buying an additional 36 shares during the last quarter. Enterprise Financial Services Corp increased its holdings in Broadcom by 14.7% in the second quarter. Enterprise Financial Services Corp now owns 289 shares of the semiconductor manufacturer’s stock valued at $83,000 after buying an additional 37 shares during the last quarter. Finally, Cresset Asset Management LLC increased its holdings in Broadcom by 2.0% in the second quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after buying an additional 37 shares during the last quarter. Institutional investors own 84.86% of the company’s stock.

Broadcom Company Profile (NASDAQ:AVGO)

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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