Broadcom (NASDAQ:AVGO) Shares Gap Down – Here’s What Happened

Broadcom Inc. (NASDAQ:AVGO) gapped down before the market opened on Monday . The stock had previously closed at $195.54, but opened at $188.05. Broadcom shares last traded at $193.88, with a volume of 5,151,079 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AVGO shares. Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Piper Sandler lifted their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Truist Financial raised their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Trading Down 3.0 %

The firm has a market capitalization of $887.12 billion, a price-to-earnings ratio of 153.89, a PEG ratio of 2.29 and a beta of 1.01. The company has a fifty day moving average price of $216.48 and a two-hundred day moving average price of $194.61. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 184,738 shares of company stock worth $43,395,200 in the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several institutional investors have recently made changes to their positions in AVGO. State Street Corp raised its position in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after buying an additional 166,844,263 shares during the period. Geode Capital Management LLC raised its position in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after purchasing an additional 89,975,941 shares during the period. FMR LLC raised its position in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the period. Norges Bank purchased a new stake in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Jennison Associates LLC raised its position in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 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.