Broadcom (NASDAQ:AVGO) Stock Price Down 3.1% Following Insider Selling

Broadcom Inc. (NASDAQ:AVGO) shares fell 3.1% during trading on Friday following insider selling activity. The company traded as low as $1,340.19 and last traded at $1,340.19. 607,006 shares traded hands during trading, a decline of 79% from the average session volume of 2,952,391 shares. The stock had previously closed at $1,382.46.

Specifically, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction 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 transaction, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction on 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 transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 in the last three months. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Susquehanna increased their price target on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,255.18.

Broadcom Price Performance

The company has a 50 day simple moving average of $1,303.01 and a 200-day simple moving average of $1,105.09. The stock has a market cap of $622.87 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 2.81 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. The company 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%. Broadcom’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter last year, the company earned $9.83 EPS. Research analysts expect that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently modified their holdings of AVGO. Parkside Investments LLC bought a new position in Broadcom during the first quarter worth about $231,000. Exchange Bank grew its holdings in Broadcom by 4.4% during the first quarter. Exchange Bank now owns 237 shares of the semiconductor manufacturer’s stock worth $314,000 after purchasing an additional 10 shares during the period. Hoxton Planning & Management LLC grew its holdings in Broadcom by 7.1% during the first quarter. Hoxton Planning & Management LLC now owns 587 shares of the semiconductor manufacturer’s stock worth $778,000 after purchasing an additional 39 shares during the period. Sarasin & Partners LLP grew its holdings in Broadcom by 0.6% during the first quarter. Sarasin & Partners LLP now owns 171,313 shares of the semiconductor manufacturer’s stock worth $227,060,000 after purchasing an additional 1,054 shares during the period. Finally, New England Professional Planning Group Inc. bought a new position in Broadcom during the first quarter worth about $265,000. Institutional investors own 76.43% of the company’s stock.

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.