Broadcom (NASDAQ:AVGO) Stock Price Down 3%

Broadcom Inc. (NASDAQ:AVGO) shares dropped 3% during mid-day trading on Monday . The company traded as low as $160.21 and last traded at $161.41. Approximately 3,893,754 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 31,275,037 shares. The stock had previously closed at $166.36.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent analyst reports. Citigroup reiterated a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Evercore ISI raised their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Jefferies Financial Group raised their price objective on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Wells Fargo & Company raised their price objective on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Finally, Melius Research initiated coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.08.

Broadcom Stock Down 2.0 %

The business’s 50-day moving average price is $191.03 and its 200-day moving average price is $154.44. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $736.31 billion, a PE ratio of 6.80, a price-to-earnings-growth ratio of 2.59 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The firm’s revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 3.74 EPS for the current fiscal year.

Broadcom Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s payout ratio is presently 9.03%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was 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 $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently bought and sold shares of AVGO. International Assets Investment Management LLC boosted its stake in Broadcom by 1.8% during the fourth quarter. International Assets Investment Management LLC now owns 2,981 shares of the semiconductor manufacturer’s stock worth $3,327,000 after buying an additional 52 shares in the last quarter. TBH Global Asset Management LLC boosted its stake in Broadcom by 29.2% during the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 145 shares in the last quarter. Gilbert & Cook Inc. lifted its holdings in shares of Broadcom by 4.9% during the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after acquiring an additional 39 shares during the period. Mather Group LLC. lifted its holdings in shares of Broadcom by 6.9% during the fourth quarter. Mather Group LLC. now owns 5,098 shares of the semiconductor manufacturer’s stock valued at $5,690,000 after acquiring an additional 330 shares during the period. Finally, Choreo LLC lifted its holdings in shares of Broadcom by 3.0% during the fourth quarter. Choreo LLC now owns 4,396 shares of the semiconductor manufacturer’s stock valued at $4,907,000 after acquiring an additional 128 shares during the period. Institutional investors and hedge funds 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.