Broadcom Inc. (NASDAQ:AVGO) Sees Large Increase in Short Interest

Broadcom Inc. (NASDAQ:AVGO) saw a significant increase in short interest in May. As of May 31st, there was short interest totalling 5,650,000 shares, an increase of 7.8% from the May 15th total of 5,240,000 shares. Based on an average daily trading volume, of 2,720,000 shares, the short-interest ratio is currently 2.1 days.

Broadcom Stock Down 1.4 %

Shares of AVGO stock opened at $1,802.52 on Wednesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25. The firm’s 50-day moving average is $1,379.34 and its 200-day moving average is $1,267.74. The stock has a market cap of $839.05 billion, a price-to-earnings ratio of 77.53, a PEG ratio of 3.24 and a beta of 1.17. Broadcom has a 52-week low of $795.09 and a 52-week high of $1,851.62.

Broadcom shares are scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the prior year, the business earned $9.51 EPS. Broadcom’s quarterly revenue was up 43.0% on a year-over-year basis. Sell-side analysts predict that Broadcom will post 36.24 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be given a dividend of $5.25 per share. The ex-dividend date is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.17%. Broadcom’s payout ratio is presently 90.32%.

Insider Transactions at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Justine Page sold 110 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,770 shares of company stock valued at $36,242,096. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SRN Advisors LLC grew its position in shares of Broadcom by 5.7% during the 1st quarter. SRN Advisors LLC now owns 1,380 shares of the semiconductor manufacturer’s stock worth $1,829,000 after purchasing an additional 74 shares in the last quarter. Mosaic Family Wealth Partners LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $213,000. Jackson Wealth Management LLC grew its position in shares of Broadcom by 2.2% during the 1st quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock worth $24,271,000 after purchasing an additional 386 shares in the last quarter. American Trust boosted its position in shares of Broadcom by 9.8% during the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock worth $656,000 after acquiring an additional 44 shares in the last quarter. Finally, Cypress Asset Management Inc. TX boosted its position in shares of Broadcom by 26.1% during the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock worth $8,345,000 after acquiring an additional 1,282 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Melius initiated coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price target for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a report on Monday, April 8th. TD Cowen raised their price target on shares of Broadcom from $1,500.00 to $1,750.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Susquehanna raised their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Finally, Piper Sandler raised their price target on shares of Broadcom from $1,650.00 to $2,000.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Three investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,667.48.

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.