Broadcom Inc. (NASDAQ:AVGO) CFO Sells $14,176,042.50 in Stock

Broadcom Inc. (NASDAQ:AVGO) CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer now directly owns 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Broadcom Stock Performance

Shares of AVGO opened at $264.65 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $269.87. The company has a 50-day simple moving average of $225.48 and a 200-day simple moving average of $213.98. The company has a market capitalization of $1.24 trillion, a PE ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Nuveen LLC acquired a new position in Broadcom during the first quarter worth about $6,649,117,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Finally, GQG Partners LLC increased its stake in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on AVGO shares. JPMorgan Chase & Co. boosted their price objective on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. UBS Group lifted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $281.25.

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.