Broadcom Inc. (NASDAQ:AVGO – Get Free Report)’s share price fell 5% on Wednesday after Oppenheimer lowered their price target on the stock from $2,000.00 to $200.00. Oppenheimer currently has an outperform rating on the stock. Broadcom traded as low as $159.00 and last traded at $160.92. 10,868,612 shares were traded during mid-day trading, a decline of 66% from the average session volume of 32,111,764 shares. The stock had previously closed at $169.38.
A number of other research analysts have also weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.80 price target on shares of Broadcom in a research note on Monday, June 10th. Bank of America reissued a “buy” rating and issued a $215.00 target price (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $150.00 target price on shares of Broadcom in a research note on Monday, April 8th. Sanford C. Bernstein raised their target price on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Benchmark reissued a “buy” rating and issued a $172.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Two research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $240.08.
Insider Transactions at Broadcom
In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. City State Bank grew its position in Broadcom by 235.0% during the fourth quarter. City State Bank now owns 134 shares of the semiconductor manufacturer’s stock worth $150,000 after buying an additional 94 shares during the period. BKM Wealth Management LLC acquired a new position in Broadcom during the fourth quarter worth about $124,000. KMG Fiduciary Partners LLC grew its position in Broadcom by 2.5% during the fourth quarter. KMG Fiduciary Partners LLC now owns 537 shares of the semiconductor manufacturer’s stock worth $600,000 after buying an additional 13 shares during the period. IVC Wealth Advisors LLC acquired a new position in Broadcom during the fourth quarter worth about $234,000. Finally, Rise Advisors LLC grew its position in Broadcom by 33.3% during the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after buying an additional 10 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Stock Down 7.9 %
The company has a market capitalization of $726.07 billion, a price-to-earnings ratio of 6.71, a price-to-earnings-growth ratio of 2.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The firm’s 50-day simple moving average is $184.69 and its two-hundred day simple moving average is $146.32.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 3.72 EPS for the current fiscal year.
Broadcom Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s payout ratio is 9.03%.
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.