Broadcom (NASDAQ:AVGO) Shares Down 2.6% – Time to Sell?

Broadcom Inc. (NASDAQ:AVGO)’s share price traded down 2.6% during mid-day trading on Wednesday . 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.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a research note on Friday, March 7th. Jefferies Financial Group raised their price target on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Truist Financial boosted their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

The stock has a market capitalization of $846.95 billion, a price-to-earnings ratio of 147.65, 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 quick ratio of 1.07 and a current ratio of 1.17. The stock has a fifty day simple moving average of $212.97 and a two-hundred day simple moving average of $196.00.

Broadcom Dividend Announcement

The firm also recently announced 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 of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.31%. Broadcom’s dividend payout ratio is currently 113.46%.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,000 shares of company stock worth $21,494,560. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several large investors have recently bought and sold shares of AVGO. KFA Private Wealth Group LLC boosted its position in Broadcom by 2.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after purchasing an additional 42 shares during the last quarter. Dakota Community Bank & Trust NA boosted its holdings in shares of Broadcom by 2.7% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock worth $391,000 after buying an additional 45 shares during the last quarter. Bryant Woods Investment Advisors LLC grew its position in Broadcom by 3.5% during the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock valued at $305,000 after buying an additional 45 shares during the period. Marest Capital LLC increased its holdings in Broadcom by 1.0% during the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after buying an additional 46 shares during the last quarter. Finally, Defined Wealth Management LLC raised its position in Broadcom by 0.4% in the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock worth $2,947,000 after acquiring an additional 47 shares during the period. 76.43% of the stock is currently owned by institutional investors.

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.