Broadcom (NASDAQ:AVGO) CFO Kirsten Spears Sells 3,714 Shares of Stock

Broadcom Inc. (NASDAQ:AVGO) CFO Kirsten Spears sold 3,714 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the completion of the transaction, the chief financial officer owned 307,237 shares in the company, valued at approximately $100,709,216.23. The trade was a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Broadcom Trading Up 1.2%

Shares of AVGO opened at $329.88 on Friday. The firm has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 69.30, a PEG ratio of 1.09 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a 50-day moving average of $362.66 and a 200 day moving average of $320.02.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period last year, the company posted $1.42 earnings per share. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be given a dividend of $0.65 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is presently 54.62%.

Institutional Trading of Broadcom

Several hedge funds have recently modified their holdings of the company. Assetmark Inc. lifted its stake in Broadcom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after buying an additional 39,466 shares in the last quarter. Capital Counsel LLC NY purchased a new stake in Broadcom during the 2nd quarter worth approximately $221,000. Waterloo Capital L.P. raised its holdings in shares of Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after acquiring an additional 3,180 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Broadcom by 27.9% in the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after acquiring an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC boosted its stake in shares of Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after acquiring an additional 8,566 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Broadcom in a research report on Monday. Mizuho upped their price objective on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Susquehanna reiterated a “positive” rating and set a $450.00 target price (up from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Sanford C. Bernstein restated an “outperform” rating and issued a $475.00 price target (up previously from $400.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Oppenheimer upped their price target on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and an average price target of $435.96.

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.