Broadcom (NASDAQ:AVGO) Shares Down 0.5% – Here’s Why

Broadcom Inc. (NASDAQ:AVGO) was down 0.5% during trading on Friday . The company traded as low as $187.37 and last traded at $189.64. Approximately 8,232,617 shares changed hands during trading, a decline of 72% from the average daily volume of 29,037,497 shares. The stock had previously closed at $190.54.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AVGO shares. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Susquehanna boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Morgan Stanley boosted their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

Broadcom Stock Performance

The company has a market capitalization of $901.18 billion, a PE ratio of 156.33, a PEG ratio of 2.29 and a beta of 1.01. The company has a 50 day moving average of $214.38 and a two-hundred day moving average of $195.08. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom’s payout ratio is 113.46%.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,168 shares of company stock valued at $40,508,877. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Pin Oak Investment Advisors Inc. boosted its position in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at about $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

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.