Broadcom (NASDAQ:AVGO) Shares Down 2.6% on Insider Selling

Shares of Broadcom Inc. (NASDAQ:AVGO) traded down 2.6% on Wednesday following insider selling activity. The stock traded as low as $182.62 and last traded at $183.44. 7,961,533 shares were traded during mid-day trading, a decline of 72% from the average session volume of 28,864,232 shares. The stock had previously closed at $188.26.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Jefferies Financial Group raised their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Citigroup increased their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Susquehanna raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Truist Financial increased their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday, March 7th. Finally, Robert W. Baird increased their price target on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Up 0.2 %

The firm’s 50 day simple moving average is $210.84 and its 200-day simple moving average is $195.72. The company has a market cap of $810.53 billion, a price-to-earnings ratio of 140.05, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

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

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division increased its stake in Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after purchasing an additional 3,707 shares during the period. Wolff Financial Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $244,000. Strait & Sound Wealth Management LLC grew its stake in shares of Broadcom by 829.8% during the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after purchasing an additional 7,095 shares during the period. Motive Wealth Advisors increased its holdings in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in shares of Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock valued at $66,696,000 after purchasing an additional 350,485 shares during the period. Hedge funds and other institutional investors 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.