Broadcom Inc. (NASDAQ:AVGO – Get Free Report)’s stock price dropped 2.8% on Wednesday . The stock traded as low as $369.51 and last traded at $370.32. 20,984,347 shares traded hands during trading, a decline of 18% from the average session volume of 25,722,797 shares. The stock had previously closed at $380.91.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 4th. Wall Street Zen downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $515.00 price target (up from $430.00) on shares of Broadcom in a research report on Thursday, June 4th. Rosenblatt Securities restated a “buy” rating and issued a $500.00 price objective on shares of Broadcom in a report on Thursday, June 4th. Finally, Zacks Research cut Broadcom from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Twenty-eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $493.24.
View Our Latest Analysis on Broadcom
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.58 EPS. As a group, equities analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 22nd. Broadcom’s payout ratio is currently 43.33%.
Insider Buying and Selling at Broadcom
In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $401.33, for a total value of $10,033,250.00. Following the transaction, the insider owned 194,989 shares in the company, valued at $78,254,935.37. This represents a 11.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry L. You acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the acquisition, the director owned 38,466 shares of the company’s stock, valued at $14,369,743.62. The trade was a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 61,644 shares of company stock worth $24,016,214 over the last 90 days. 1.90% of the stock is owned by company insiders.
Institutional Investors Weigh In On Broadcom
Hedge funds and other institutional investors have recently modified their holdings of the stock. ROSS JOHNSON & Associates LLC lifted its position in shares of Broadcom by 1,320.0% during the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 66 shares in the last quarter. Networth Advisors LLC increased its holdings in Broadcom by 546.2% in the 1st quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 71 shares in the last quarter. SWAN Capital LLC raised its stake in Broadcom by 261.9% during the 4th quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 55 shares during the period. Nvest Wealth Strategies Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $33,000. Finally, Family CFO Inc purchased a new position in Broadcom during the fourth quarter valued at approximately $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
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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