Broadcom Inc. (NASDAQ:AVGO) Sees Significant Drop in Short Interest

Broadcom Inc. (NASDAQ:AVGO) was the target of a large drop in short interest in April. As of April 30th, there was short interest totalling 5,480,000 shares, a drop of 6.0% from the April 15th total of 5,830,000 shares. Based on an average trading volume of 2,890,000 shares, the days-to-cover ratio is presently 1.9 days.

Insider Activity at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares in the company, valued at $220,583,976. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Large investors have recently added to or reduced their stakes in the business. Horizon Family Wealth Inc. grew its stake in shares of Broadcom by 1.3% during the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 8 shares during the last quarter. Tucker Asset Management LLC boosted its holdings in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares during the period. Buckley Wealth Management LLC grew its position in Broadcom by 0.7% during the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after acquiring an additional 8 shares during the last quarter. Legend Financial Advisors Inc. increased its stake in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC lifted its position in Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVGO shares. The Goldman Sachs Group reiterated a “buy” rating and set a $1,325.00 target price on shares of Broadcom in a research note on Friday, January 19th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Monday, April 8th. Evercore ISI began coverage on Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target for the company. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Finally, Susquehanna increased their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,296.91.

Broadcom Stock Down 1.2 %

Shares of NASDAQ:AVGO opened at $1,395.29 on Friday. The firm has a fifty day moving average of $1,311.32 and a 200 day moving average of $1,182.12. Broadcom has a 52-week low of $656.00 and a 52-week high of $1,445.40. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The firm has a market capitalization of $646.61 billion, a PE ratio of 51.72, a price-to-earnings-growth ratio of 2.91 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the business earned $9.83 EPS. As a group, research analysts anticipate that Broadcom will post 36.06 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.51%. Broadcom’s dividend payout ratio (DPR) is 77.84%.

About Broadcom

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.