Broadcom (NASDAQ:AVGO) Shares Down 0.6%

Broadcom Inc. (NASDAQ:AVGO)’s share price dropped 0.6% on Tuesday . The company traded as low as $1,623.42 and last traded at $1,631.61. Approximately 813,350 shares changed hands during trading, a decline of 74% from the average daily volume of 3,179,088 shares. The stock had previously closed at $1,640.80.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of analyst reports. Benchmark reiterated a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Mizuho boosted their target price on shares of Broadcom from $1,625.00 to $1,900.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. UBS Group raised their price target on shares of Broadcom from $1,610.00 to $1,735.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Melius Research started coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price objective on the stock. Finally, Sanford C. Bernstein increased their target price on shares of Broadcom from $1,600.00 to $1,950.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $1,673.04.

Broadcom Stock Up 4.3 %

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 company has a market capitalization of $804.93 billion, a price-to-earnings ratio of 74.38, a P/E/G ratio of 2.79 and a beta of 1.17. The business’s 50-day moving average is $1,450.19 and its 200-day moving average is $1,312.93.

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

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. During the same quarter in the prior year, the firm posted $9.51 EPS. Broadcom’s quarterly revenue was up 43.0% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 37.19 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were paid a $5.25 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a yield of 1.21%. Broadcom’s dividend payout ratio is currently 90.32%.

Insider Buying and Selling

In other news, Director Justine Page sold 110 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, 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 value of $145,530.00. Following the transaction, the director now owns 3,125 shares in the company, valued at $4,134,375. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the sale, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,864 shares of company stock valued at $7,910,666. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently modified their holdings of the business. Horizon Family Wealth Inc. boosted its holdings in shares of Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares during the last quarter. Tucker Asset Management LLC boosted its stake in Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after buying an additional 8 shares during the last quarter. Buckley Wealth Management LLC grew its holdings in Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after buying an additional 8 shares in the last quarter. Legend Financial Advisors Inc. increased its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC raised its holdings in shares of Broadcom by 0.3% during the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after acquiring an additional 8 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

About Broadcom

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.