Broadcom Inc (NASDAQ:AVGO) Sees Significant Decrease in Short Interest

Broadcom Inc (NASDAQ:AVGO) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 4,200,000 shares, a decrease of 10.3% from the December 15th total of 4,680,000 shares. Currently, 1.1% of the company’s shares are short sold. Based on an average trading volume of 2,190,000 shares, the short-interest ratio is currently 1.9 days.

Several equities research analysts have weighed in on the company. Cascend Securities upped their price target on Broadcom from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Oppenheimer upped their price target on Broadcom from $315.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Bank of America restated a “buy” rating on shares of Broadcom in a report on Monday, December 9th. KeyCorp upped their price target on Broadcom from $340.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $380.00 price target on shares of Broadcom in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $331.77.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $319.82, for a total transaction of $6,396,400.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 115,000 shares of company stock worth $36,014,100. 3.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Cresset Asset Management LLC lifted its holdings in shares of Broadcom by 2.0% in the 2nd quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after buying an additional 37 shares during the period. Asset Dedication LLC increased its stake in Broadcom by 1.6% in the 3rd quarter. Asset Dedication LLC now owns 2,457 shares of the semiconductor manufacturer’s stock valued at $673,000 after purchasing an additional 38 shares in the last quarter. Frontier Wealth Management LLC increased its stake in Broadcom by 5.4% in the 2nd quarter. Frontier Wealth Management LLC now owns 804 shares of the semiconductor manufacturer’s stock valued at $231,000 after purchasing an additional 41 shares in the last quarter. Laffer Investments increased its stake in Broadcom by 1.8% in the 2nd quarter. Laffer Investments now owns 2,487 shares of the semiconductor manufacturer’s stock valued at $716,000 after purchasing an additional 44 shares in the last quarter. Finally, Ellis Investment Partners LLC increased its stake in Broadcom by 55.7% in the 3rd quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 44 shares in the last quarter. 83.13% of the stock is owned by institutional investors.

Shares of NASDAQ AVGO traded up $1.77 during trading hours on Thursday, reaching $304.91. The stock had a trading volume of 474,031 shares, compared to its average volume of 2,244,584. The firm has a market cap of $122.59 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.50 and a beta of 0.90. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 1.58. Broadcom has a fifty-two week low of $248.72 and a fifty-two week high of $331.20. The firm has a 50-day moving average of $314.82 and a 200-day moving average of $295.07.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.35 by $0.04. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.74 billion. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $5.85 EPS. On average, equities analysts predict that Broadcom will post 19.22 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $3.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This is a boost from Broadcom’s previous quarterly dividend of $2.65. This represents a $13.00 dividend on an annualized basis and a dividend yield of 4.26%. Broadcom’s dividend payout ratio is 74.67%.

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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