Short Interest in Broadcom Inc (NASDAQ:AVGO) Grows By 10.2%

Broadcom Inc (NASDAQ:AVGO) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 6,958,000 shares, an increase of 10.2% from the May 30th total of 6,316,500 shares. Based on an average daily trading volume, of 2,940,000 shares, the short-interest ratio is currently 2.4 days. Currently, 1.8% of the company’s shares are short sold.

In related news, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $315.07, for a total value of $6,301,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,388 shares of company stock worth $18,656,682. 3.30% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Pinnacle Bank boosted its holdings in Broadcom by 128.2% in the second quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. First Financial Corp IN acquired a new position in Broadcom in the first quarter valued at approximately $30,000. Daiwa SB Investments Ltd. acquired a new position in Broadcom in the first quarter valued at approximately $30,000. CX Institutional boosted its holdings in shares of Broadcom by 555.6% in the first quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after acquiring an additional 100 shares during the period. Finally, Destination Wealth Management acquired a new stake in shares of Broadcom in the first quarter valued at approximately $41,000. 83.91% of the stock is owned by hedge funds and other institutional investors.

AVGO has been the topic of a number of recent research reports. BMO Capital Markets reiterated a “hold” rating and set a $9.50 price target on shares of Vicon Industries in a research note on Friday, June 14th. ValuEngine lowered shares of Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, July 8th. Rosenblatt Securities reiterated a “buy” rating and set a $350.00 price target on shares of Broadcom in a research note on Monday, June 10th. Loop Capital boosted their price target on shares of Broadcom to $315.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, Citigroup cut their price target on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $298.56.

Shares of AVGO stock traded up $9.33 during trading hours on Friday, reaching $285.39. 2,196,403 shares of the stock were exchanged, compared to its average volume of 3,565,582. The stock has a fifty day moving average price of $273.07. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.26 and a quick ratio of 1.13. The stock has a market cap of $113.61 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 1.39 and a beta of 0.94. Broadcom has a 12-month low of $200.53 and a 12-month high of $323.20.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.18 by $0.03. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.88 earnings per share. As a group, research analysts predict that Broadcom will post 17.3 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 24th were issued a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Friday, June 21st. Broadcom’s dividend payout ratio (DPR) is 56.29%.

Broadcom Company Profile

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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