Broadcom Inc. (NASDAQ:AVGO – Get Free Report) 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 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.
View Our Latest Report on AVGO
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.
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