Broadcom Inc (NASDAQ:AVGO) was the target of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 6,177,600 shares, an increase of 28.0% from the April 30th total of 4,827,700 shares. Based on an average trading volume of 2,860,000 shares, the short-interest ratio is currently 2.2 days. Approximately 1.6% of the company’s shares are short sold.
In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $264.00, for a total transaction of $5,280,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 13,466 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The disclosure for this sale can be found here. In the last three months, insiders sold 65,388 shares of company stock worth $18,656,682. Insiders own 3.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Peoples Financial Services CORP. boosted its holdings in shares of Broadcom by 13.1% in the 2nd quarter. Peoples Financial Services CORP. now owns 3,450 shares of the semiconductor manufacturer’s stock valued at $993,000 after buying an additional 400 shares in the last quarter. Rothschild Investment Corp IL boosted its holdings in shares of Broadcom by 26.8% in the 2nd quarter. Rothschild Investment Corp IL now owns 3,785 shares of the semiconductor manufacturer’s stock valued at $1,090,000 after buying an additional 800 shares in the last quarter. Heritage Investors Management Corp boosted its holdings in shares of Broadcom by 3.8% in the 2nd quarter. Heritage Investors Management Corp now owns 68,243 shares of the semiconductor manufacturer’s stock valued at $19,644,000 after buying an additional 2,515 shares in the last quarter. Gyroscope Capital Management Group LLC raised its position in shares of Broadcom by 1.7% in the 2nd quarter. Gyroscope Capital Management Group LLC now owns 2,856 shares of the semiconductor manufacturer’s stock valued at $807,000 after purchasing an additional 47 shares during the last quarter. Finally, Lourd Capital LLC raised its position in shares of Broadcom by 7.3% in the 2nd quarter. Lourd Capital LLC now owns 782 shares of the semiconductor manufacturer’s stock valued at $225,000 after purchasing an additional 53 shares during the last quarter. Institutional investors and hedge funds own 83.91% of the company’s stock.
Shares of AVGO opened at $276.06 on Friday. The stock has a market capitalization of $109.27 billion, a P/E ratio of 14.66, a P/E/G ratio of 1.34 and a beta of 0.94. Broadcom has a twelve month low of $197.46 and a twelve month high of $323.20. The company has a fifty day moving average price of $272.64. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.18 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.70 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm posted $4.88 EPS. As a group, sell-side analysts forecast that Broadcom will post 17.3 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Monday, June 24th were issued a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, June 21st. Broadcom’s dividend payout ratio is currently 56.29%.
Several research firms recently commented on AVGO. Charter Equity lowered shares of Broadcom from a “buy” rating to a “market perform” rating and set a $254.00 price objective on the stock. in a research note on Friday, June 14th. Craig Hallum reaffirmed a “buy” rating and issued a $315.00 target price (down from $325.00) on shares of Broadcom in a report on Friday, June 14th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Broadcom in a report on Friday, March 15th. Morgan Stanley set a $143.00 target price on shares of FedEx and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, ValuEngine cut shares of Intersect ENT from a “buy” rating to a “hold” rating in a report on Monday. Twelve analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. Broadcom has a consensus rating of “Buy” and a consensus price target of $297.62.
Broadcom Company Profile
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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