Broadcom Inc. (NASDAQ:AVGO) Director Eddy W. Hartenstein Sells 1,500 Shares

Broadcom Inc. (NASDAQ:AVGO) Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the sale, the director now directly owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Broadcom Price Performance

Broadcom stock opened at $871.64 on Friday. The business’s 50-day simple moving average is $874.48 and its 200 day simple moving average is $758.55. The stock has a market cap of $359.76 billion, a price-to-earnings ratio of 26.80, a P/E/G ratio of 1.79 and a beta of 1.10. Broadcom Inc. has a 12-month low of $415.07 and a 12-month high of $923.67. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter last year, the business earned $9.07 earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be issued a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is currently 56.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVGO shares. Robert W. Baird upped their target price on Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. Wolfe Research assumed coverage on Broadcom in a research report on Wednesday, July 19th. They issued a “market perform” rating for the company. Benchmark reissued a “buy” rating and issued a $950.00 price objective on shares of Broadcom in a research report on Friday, September 1st. Wells Fargo & Company upped their target price on Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a research note on Friday, September 1st. Finally, KeyCorp restated an “overweight” rating and issued a $1,000.00 target price on shares of Broadcom in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $846.14.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kozak & Associates Inc. raised its position in shares of Broadcom by 4.3% during the second quarter. Kozak & Associates Inc. now owns 292 shares of the semiconductor manufacturer’s stock worth $256,000 after purchasing an additional 12 shares during the period. Howard Financial Services LTD. raised its position in shares of Broadcom by 1.2% during the second quarter. Howard Financial Services LTD. now owns 1,044 shares of the semiconductor manufacturer’s stock worth $905,000 after purchasing an additional 12 shares during the period. Vanguard Capital Wealth Advisors raised its position in shares of Broadcom by 0.4% during the second quarter. Vanguard Capital Wealth Advisors now owns 2,758 shares of the semiconductor manufacturer’s stock worth $2,393,000 after purchasing an additional 12 shares during the period. Castle Wealth Management LLC raised its position in shares of Broadcom by 1.7% during the second quarter. Castle Wealth Management LLC now owns 738 shares of the semiconductor manufacturer’s stock worth $640,000 after purchasing an additional 12 shares during the period. Finally, Gradient Capital Advisors LLC raised its position in shares of Broadcom by 1.2% during the second quarter. Gradient Capital Advisors LLC now owns 975 shares of the semiconductor manufacturer’s stock worth $846,000 after purchasing an additional 12 shares during the period. Institutional investors own 78.81% of the company’s stock.

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.