Broadcom Inc. (NASDAQ:AVGO – Get Free Report) shares were down 2.2% during trading on Wednesday following insider selling activity. The company traded as low as $368.03 and last traded at $369.34. Approximately 23,245,293 shares traded hands during trading, a decline of 12% from the average session volume of 26,483,795 shares. The stock had previously closed at $377.75.
Specifically, Director Justine Page sold 1,602 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total transaction of $598,923.72. Following the sale, the director directly owned 17,426 shares of the company’s stock, valued at $6,514,884.36. The trade was a 8.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Wall Street Analyst Weigh In
Several analysts have recently commented on AVGO shares. UBS Group set a $485.00 target price on Broadcom and gave the stock a “buy” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. upped their price target on Broadcom from $500.00 to $580.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. DA Davidson increased their price objective on Broadcom from $375.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, June 4th. Weiss Ratings lowered Broadcom from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Finally, Bank of America lifted their target price on Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $493.24.
Trending Headlines about Broadcom
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Wall Street remains upbeat on Broadcom’s AI ASIC business, with UBS and other firms reiterating Buy ratings and high price targets. UBS Reaffirms Buy Rating on Broadcom (AVGO) Amid AI ASIC Demand and OpenAI, Anthropic Growth
- Positive Sentiment: Analysts raised fair value estimates, reinforcing the view that Broadcom may still be undervalued relative to its long-term AI earnings potential. Broadcom (AVGO) Stock Gets Fair Value Boost As Analysts Split On AI Outlook
- Neutral Sentiment: Commentary continues to highlight Broadcom as a core AI infrastructure name, but much of it reiterates the existing long-term bull case rather than introducing a new catalyst. JPMorgan Stands by Sky-High Broadcom Target as Shares Slide
- Negative Sentiment: A report that a major AI developer is pursuing its own chip program raised questions about future demand for Broadcom’s custom silicon business. Why Broadcom Stock Slumped Today
- Negative Sentiment: Director Justine Page sold 1,602 shares, adding to investor caution around insider selling after Broadcom’s recent run. SEC Form 4 filing for Justine Page sale
Broadcom Price Performance
The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average price is $409.17 and its two-hundred day moving average price is $362.34. The firm has a market capitalization of $1.71 trillion, a price-to-earnings ratio of 60.08, a P/E/G ratio of 0.65 and a beta of 1.45.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter last year, the firm earned $1.58 earnings per share. The business’s revenue for the quarter was up 47.9% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s payout ratio is currently 43.33%.
Institutional Investors Weigh In On Broadcom
Several large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Broadcom during the 4th quarter worth about $24,252,196,000. Cardano Risk Management B.V. raised its stake in shares of Broadcom by 895.2% in the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock valued at $4,391,940,000 after acquiring an additional 11,414,701 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Broadcom by 118.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 18,739,006 shares of the semiconductor manufacturer’s stock valued at $5,799,889,000 after acquiring an additional 10,145,377 shares in the last quarter. State Street Corp raised its position in shares of Broadcom by 2.7% in the fourth quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock valued at $65,788,194,000 after purchasing an additional 5,040,801 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after purchasing an additional 3,919,715 shares during the period. Institutional investors own 76.43% of the company’s stock.
About Broadcom
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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