Broadcom (NASDAQ:AVGO) Stock Price Down 3.8% After Insider Selling

Broadcom Inc. (NASDAQ:AVGO) shares fell 3.8% on Monday following insider selling activity. The company traded as low as $160.62 and last traded at $162.74. 9,068,485 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 30,293,165 shares. The stock had previously closed at $169.12.

Specifically, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on 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 sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research firms have weighed in on AVGO. Truist Financial upped their price objective on shares of Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Mizuho dropped their target price on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Citigroup upped their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Susquehanna lifted their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Down 3.3 %

The business has a fifty day simple moving average of $209.48 and a 200-day simple moving average of $196.51. The firm has a market cap of $768.92 billion, a price-to-earnings ratio of 133.43, a PEG ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.44%. Broadcom’s dividend payout ratio is 113.46%.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Howard Capital Management Group LLC lifted its holdings in Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after purchasing an additional 6,540,800 shares during the period. Edgestream Partners L.P. boosted its position in shares of Broadcom by 2,491.7% during the 3rd quarter. Edgestream Partners L.P. now owns 14,047 shares of the semiconductor manufacturer’s stock valued at $2,423,000 after purchasing an additional 13,505 shares in the last quarter. Tradition Wealth Management LLC grew its stake in Broadcom by 863.8% during the third quarter. Tradition Wealth Management LLC now owns 21,715 shares of the semiconductor manufacturer’s stock worth $3,746,000 after purchasing an additional 19,462 shares during the period. Finally, Cobblestone Capital Advisors LLC NY lifted its stake in Broadcom by 993.1% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 5,225 shares of the semiconductor manufacturer’s stock valued at $901,000 after buying an additional 4,747 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.