Broadcom (NASDAQ:AVGO) Shares Down 6.3% on Analyst Downgrade

Broadcom Inc. (NASDAQ:AVGO) dropped 6.3% during trading on Monday after Mizuho lowered their price target on the stock from $260.00 to $250.00. Mizuho currently has an outperform rating on the stock. Broadcom traded as low as $181.91 and last traded at $182.68. Approximately 13,163,103 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 29,385,776 shares. The stock had previously closed at $194.96.

A number of other research analysts have also recently issued reports on AVGO. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Benchmark reiterated a “buy” rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Susquehanna raised their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock worth $44,964,800. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Anchor Pointe Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth about $494,000. Capstone Triton Financial Group LLC increased its holdings in Broadcom by 1.5% during the 4th quarter. Capstone Triton Financial Group LLC now owns 5,873 shares of the semiconductor manufacturer’s stock worth $1,362,000 after acquiring an additional 87 shares during the period. Mattson Financial Services LLC boosted its holdings in Broadcom by 1,110.8% in the 4th quarter. Mattson Financial Services LLC now owns 17,460 shares of the semiconductor manufacturer’s stock valued at $4,048,000 after purchasing an additional 16,018 shares during the period. Copia Wealth Management purchased a new position in shares of Broadcom during the 4th quarter valued at $194,000. Finally, IronOak Wealth LLC. bought a new position in shares of Broadcom in the fourth quarter worth $3,035,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 3.1 %

The company has a market cap of $893.79 billion, a PE ratio of 155.05, a P/E/G ratio of 2.29 and a beta of 1.01. The stock has a 50-day moving average of $220.42 and a 200-day moving average of $193.44. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the firm posted $0.98 EPS. The company’s revenue was up 51.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

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.