Broadcom (NASDAQ:AVGO) Trading Down 1.5% – Here’s Why

Broadcom Inc. (NASDAQ:AVGO) shares were down 1.5% during mid-day trading on Thursday . The stock traded as low as $191.05 and last traded at $191.98. Approximately 5,444,357 shares changed hands during trading, a decline of 81% from the average daily volume of 29,073,970 shares. The stock had previously closed at $194.98.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research analyst reports. Citigroup increased their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, March 7th. Mizuho dropped their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Susquehanna increased their price target on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Performance

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 company has a market cap of $901.18 billion, a PE ratio of 156.33, a P/E/G ratio of 2.29 and a beta of 1.01. The firm’s 50-day simple moving average is $214.38 and its two-hundred day simple moving average is $194.79.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling

In related news, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the sale, the director now owns 6,460 shares in the company, valued at $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 172,168 shares of company stock worth $40,508,877 in the last 90 days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Pin Oak Investment Advisors Inc. grew its holdings in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.