Broadcom Inc (NASDAQ:AVGO) saw a significant decrease in short interest in November. As of November 29th, there was short interest totalling 5,050,000 shares, a decrease of 19.8% from the November 14th total of 6,300,000 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average daily volume of 2,140,000 shares, the days-to-cover ratio is presently 2.4 days.
Several research analysts recently issued reports on AVGO shares. BidaskClub raised Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Friday. Craig Hallum reissued a “buy” rating and issued a $385.00 price objective (up previously from $330.00) on shares of Broadcom in a research note on Friday. Bank of America reissued a “buy” rating on shares of Broadcom in a research note on Monday, December 9th. Oppenheimer increased their price objective on Broadcom from $315.00 to $350.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Susquehanna Bancshares reaffirmed a “buy” rating and set a $345.00 target price on shares of Broadcom in a research report on Wednesday. Nine research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and an average price target of $328.00.
In related news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.43, for a total value of $5,788,600.00. Also, insider Mark David Brazeal sold 2,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. In the last three months, insiders sold 62,000 shares of company stock worth $18,432,860. 3.30% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Fisher Asset Management LLC raised its position in shares of Broadcom by 17.7% during the 2nd quarter. Fisher Asset Management LLC now owns 1,463 shares of the semiconductor manufacturer’s stock worth $421,000 after buying an additional 220 shares in the last quarter. UMB Bank N A MO boosted its position in Broadcom by 6.5% during the second quarter. UMB Bank N A MO now owns 754 shares of the semiconductor manufacturer’s stock worth $217,000 after acquiring an additional 46 shares during the last quarter. Advisor Group Inc. boosted its position in Broadcom by 6.5% during the second quarter. Advisor Group Inc. now owns 38,202 shares of the semiconductor manufacturer’s stock worth $11,004,000 after acquiring an additional 2,342 shares during the last quarter. CWM LLC boosted its position in Broadcom by 111.8% during the second quarter. CWM LLC now owns 2,351 shares of the semiconductor manufacturer’s stock worth $677,000 after acquiring an additional 1,241 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in Broadcom during the second quarter worth approximately $3,635,000. 83.51% of the stock is owned by hedge funds and other institutional investors.
Shares of Broadcom stock traded down $12.38 during trading on Friday, reaching $315.42. The company’s stock had a trading volume of 6,976,222 shares, compared to its average volume of 1,823,535. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58. The company has a market cap of $126.82 billion, a price-to-earnings ratio of 18.12, a P/E/G ratio of 1.51 and a beta of 0.90. Broadcom has a 1-year low of $230.33 and a 1-year high of $330.16. The company has a 50-day simple moving average of $309.26 and a two-hundred day simple moving average of $287.57.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.35 by $0.04. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.74 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $5.85 EPS. As a group, analysts anticipate that Broadcom will post 19.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be given a $3.25 dividend. This is a boost from Broadcom’s previous quarterly dividend of $2.65. This represents a $13.00 dividend on an annualized basis and a dividend yield of 4.12%. Broadcom’s dividend payout ratio (DPR) is presently 60.88%.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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