Broadcom (NASDAQ:AVGO) Stock Price Down 4%

Broadcom Inc. (NASDAQ:AVGO)’s share price dropped 4% on Monday . The stock traded as low as $160.41 and last traded at $160.90. Approximately 6,991,366 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 31,393,691 shares. The stock had previously closed at $167.69.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AVGO. Piper Sandler lifted their price target on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. The Goldman Sachs Group increased their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Performance

The stock has a market cap of $752.55 billion, a PE ratio of 6.95, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a 50-day simple moving average of $157.17 and a 200-day simple moving average of $146.21.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. Equities analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the business’s 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 directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which can be accessed 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 of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of institutional investors have recently made changes to their positions in the business. Barry Investment Advisors LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $228,000. Capital International Ltd. CA raised its stake in Broadcom by 1.7% during the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after buying an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV bought a new position in Broadcom during the 4th quarter worth approximately $2,238,000. Gryphon Financial Partners LLC grew its position in shares of Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. Finally, Steward Partners Investment Solutions LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $2,205,000. 76.43% of the stock is owned by institutional investors and hedge funds.

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.