Hock E. Tan Sells 10,000 Shares of Broadcom Inc. (NASDAQ:AVGO) Stock

Broadcom Inc. (NASDAQ:AVGO) CEO Hock E. Tan sold 10,000 shares of Broadcom stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the sale, the chief executive officer now owns 1,171,910 shares in the company, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Broadcom Stock Up 2.8 %

AVGO stock opened at $176.64 on Friday. The stock has a market capitalization of $822.24 billion, a P/E ratio of 7.60, a P/E/G ratio of 2.78 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1-year low of $81.17 and a 1-year high of $185.16. The business has a fifty day moving average price of $159.64 and a 200-day moving average price of $149.81.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the business earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.20%. Broadcom’s payout ratio is currently 9.12%.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently modified their holdings of AVGO. Swedbank AB bought a new position in Broadcom in the first quarter valued at about $2,835,737,000. Vanguard Group Inc. lifted its stake in shares of Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Jennison Associates LLC boosted its holdings in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. GQG Partners LLC grew its position in Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after buying an additional 983,328 shares during the period. Finally, AMF Tjanstepension AB increased its holdings in Broadcom by 856.9% during the third quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after buying an additional 908,585 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Citigroup reaffirmed a “buy” rating and set a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Barclays lifted their price target on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

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.