Investors Sell Broadcom (AVGO) on Strength (AVGO)
Investors sold shares of Broadcom Inc (NASDAQ:AVGO) on strength during trading on Tuesday. $198.97 million flowed into the stock on the tick-up and $369.82 million flowed out of the stock on the tick-down, for a money net flow of $170.85 million out of the stock. Of all stocks tracked, Broadcom had the 5th highest net out-flow for the day. Broadcom traded up $6.65 for the day and closed at $239.73
Several equities analysts have commented on AVGO shares. Goldman Sachs Group lowered shares of Broadcom from a “buy” rating to a “neutral” rating and decreased their target price for the company from $300.00 to $220.00 in a report on Wednesday, July 18th. ValuEngine lowered shares of Broadcom from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Barclays started coverage on shares of Broadcom in a report on Tuesday, August 7th. They issued an “overweight” rating and a $265.00 target price on the stock. KeyCorp decreased their target price on shares of Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday, July 25th. Finally, BidaskClub lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and a consensus price target of $290.71.
The firm has a market cap of $97.71 billion, a PE ratio of 16.76, a P/E/G ratio of 0.98 and a beta of 0.95. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, September 19th will be issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Tuesday, September 18th. Broadcom’s dividend payout ratio (DPR) is presently 48.95%.
In related news, SVP Bryan Ingram sold 20,000 shares of Broadcom stock in a transaction that occurred on Wednesday, July 11th. The shares were sold at an average price of $245.62, for a total transaction of $4,912,400.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 80,000 shares of company stock worth $18,078,200 over the last ninety days. 3.30% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of AVGO. Massey Quick Simon & CO. LLC acquired a new stake in Broadcom during the 2nd quarter worth approximately $104,000. Zions Bancorporation acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $109,000. MUFG Americas Holdings Corp acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $109,000. MUFG Securities EMEA plc acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $117,000. Finally, First Personal Financial Services acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $126,000. Institutional investors and hedge funds own 84.29% of the company’s stock.
About Broadcom (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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