Broadcom (NASDAQ:AVGO) Shares Down 2.9% on Insider Selling

Broadcom Inc. (NASDAQ:AVGO)’s stock price fell 2.9% during trading on Thursday after an insider sold shares in the company. The company traded as low as $172.71 and last traded at $174.10. 8,916,096 shares traded hands during trading, a decline of 69% from the average session volume of 28,904,089 shares. The stock had previously closed at $179.27.

Specifically, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. Jefferies Financial Group increased their target price on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI increased their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. TD Cowen boosted their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Mizuho reduced their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Price Performance

The company has a 50 day moving average of $210.84 and a 200 day moving average of $195.72. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market cap of $808.69 billion, a price-to-earnings ratio of 140.29, a P/E/G ratio of 2.29 and a beta of 1.01.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.37%. Broadcom’s dividend payout ratio is presently 113.46%.

Institutional Trading of Broadcom

Large investors have recently bought and sold shares of the business. Milestone Asset Management Group LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $581,000. Fire Capital Management LLC acquired a new position in Broadcom in the 4th quarter worth $1,490,000. Mascagni Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter worth $823,000. Fairtree Asset Management Pty Ltd bought a new position in Broadcom during the 4th quarter worth about $766,000. Finally, M1 Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $646,000. 76.43% of the stock is owned by 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.