Broadcom (NASDAQ:AVGO) Shares Up 3.9% – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO) was up 3.9% on Monday . The company traded as high as $160.43 and last traded at $152.02. Approximately 19,955,779 shares traded hands during trading, a decline of 35% from the average daily volume of 30,643,984 shares. The stock had previously closed at $146.29.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Benchmark restated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Susquehanna upped their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Barclays lifted their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley increased their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Mizuho cut their price target 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. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Performance

The stock has a market capitalization of $724.76 billion, a PE ratio of 125.73, a price-to-earnings-growth ratio of 2.29 and a beta of 1.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a fifty day moving average of $200.61 and a 200-day moving average of $196.34.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.53%. Broadcom’s payout ratio is 113.46%.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 $10,655,296. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 697,976 shares of company stock valued at $127,336,102 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Finally, JDM Financial Group LLC lifted its holdings in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other 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.