Investors Buy Shares of Broadcom (AVGO) on Weakness Following Insider Selling
Traders bought shares of Broadcom Inc (NASDAQ:AVGO) on weakness during trading hours on Wednesday following insider selling activity. $337.33 million flowed into the stock on the tick-up and $234.63 million flowed out of the stock on the tick-down, for a money net flow of $102.70 million into the stock. Of all equities tracked, Broadcom had the 11th highest net in-flow for the day. Broadcom traded down ($5.63) for the day and closed at $291.03Specifically, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $291.27, for a total value of $5,825,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donald Macleod sold 5,223 shares of the business’s stock in a transaction on Monday, January 7th. The shares were sold at an average price of $233.65, for a total transaction of $1,220,353.95. The disclosure for this sale can be found here. Insiders sold a total of 45,223 shares of company stock valued at $12,145,554 in the last three months. 3.30% of the stock is owned by company insiders.
Several brokerages have recently issued reports on AVGO. Cowen lowered shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price target for the company. in a report on Friday, February 22nd. Citigroup assumed coverage on shares of Broadcom in a report on Friday, March 15th. They issued a “buy” rating for the company. Barclays upped their target price on shares of Broadcom from $265.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. SunTrust Banks upped their target price on shares of Broadcom to $339.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. They noted that the move was a valuation call. Finally, Argus reaffirmed a “buy” rating and issued a $350.00 target price on shares of Broadcom in a research note on Monday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirty-one have assigned a buy rating to the company. Broadcom currently has an average rating of “Buy” and a consensus target price of $299.08.
The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.27. The company has a market capitalization of $116.32 billion, a P/E ratio of 15.46, a PEG ratio of 1.29 and a beta of 0.67.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, March 21st will be paid a dividend of $2.65 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.64%. Broadcom’s dividend payout ratio is 56.29%.
Several institutional investors have recently bought and sold shares of AVGO. Vanguard Group Inc. raised its holdings in shares of Broadcom by 6.6% in the 3rd quarter. Vanguard Group Inc. now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Vanguard Group Inc raised its holdings in shares of Broadcom by 6.6% in the 3rd quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after purchasing an additional 2,094,847 shares during the period. Capital International Investors raised its holdings in shares of Broadcom by 504.1% in the 3rd quarter. Capital International Investors now owns 27,509,769 shares of the semiconductor manufacturer’s stock valued at $6,787,485,000 after purchasing an additional 22,955,578 shares during the period. BlackRock Inc. raised its holdings in shares of Broadcom by 0.8% in the 3rd quarter. BlackRock Inc. now owns 25,930,258 shares of the semiconductor manufacturer’s stock valued at $6,397,772,000 after purchasing an additional 209,280 shares during the period. Finally, Capital Research Global Investors raised its holdings in shares of Broadcom by 16.3% in the 3rd quarter. Capital Research Global Investors now owns 25,694,725 shares of the semiconductor manufacturer’s stock valued at $6,339,659,000 after purchasing an additional 3,608,395 shares during the period. Institutional investors own 85.76% of the company’s stock.
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Broadcom Company Profile (NASDAQ:AVGO)
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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