Broadcom (NASDAQ:AVGO) Trading Down 2.7%

Broadcom Inc. (NASDAQ:AVGO) shares fell 2.7% on Thursday . The stock traded as low as $156.05 and last traded at $156.40. 4,983,660 shares changed hands during trading, a decline of 84% from the average session volume of 31,992,295 shares. The stock had previously closed at $160.68.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVGO. Cantor Fitzgerald boosted their price objective on shares of Broadcom from $187.50 to $200.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Rosenblatt Securities boosted their price target on Broadcom from $165.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Morgan Stanley reiterated an “overweight” rating and issued a $165.80 price objective on shares of Broadcom in a report on Monday, June 10th. Melius Research began coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Finally, Evercore ISI upped their target price on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $183.11.

Broadcom Price Performance

The stock has a market capitalization of $711.36 billion, a P/E ratio of 6.63, a P/E/G ratio of 2.87 and a beta of 1.16. The firm has a fifty day moving average price of $190.06 and a two-hundred day moving average price of $155.59. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 earnings per share. On average, analysts expect that Broadcom Inc. will post 3.74 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.39%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.03%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Broadcom

Several hedge funds and other institutional investors have recently made changes to their positions in AVGO. Vanguard Group Inc. raised its holdings in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Capital International Investors raised its stake in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares during the period. Norges Bank purchased a new position in shares of Broadcom during the 4th quarter valued at about $6,225,987,000. Northern Trust Corp grew its stake in shares of Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after acquiring an additional 170,063 shares during the period. Finally, Jennison Associates LLC increased its holdings in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. 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.