Broadcom Inc (NASDAQ:AVGO) was the recipient of unusually large options trading on Tuesday. Traders acquired 205,073 call options on the stock. This represents an increase of approximately 2,083% compared to the typical volume of 9,395 call options.
NASDAQ:AVGO opened at $299.31 on Wednesday. The company has a market capitalization of $116.32 billion, a PE ratio of 15.90, a P/E/G ratio of 1.29 and a beta of 0.67. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. Broadcom has a 12-month low of $197.46 and a 12-month high of $300.98.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.32 by $1.23. The business had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.12 earnings per share. Equities analysts predict that Broadcom will post 17.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be issued a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Wednesday, March 20th. Broadcom’s dividend payout ratio is presently 56.29%.
In related news, Director Donald Macleod sold 5,223 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The stock was sold at an average price of $233.65, for a total transaction of $1,220,353.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $291.27, for a total value of $5,825,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,223 shares of company stock valued at $12,145,554. 3.30% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. Belpointe Asset Management LLC grew its holdings in Broadcom by 274.9% during the fourth quarter. Belpointe Asset Management LLC now owns 3,254 shares of the semiconductor manufacturer’s stock worth $827,000 after acquiring an additional 2,386 shares during the period. Norges Bank acquired a new position in Broadcom during the fourth quarter worth $1,055,582,000. Foster Victor Wealth Advisors LLC acquired a new position in Broadcom during the fourth quarter worth $213,000. Teacher Retirement System of Texas grew its holdings in Broadcom by 50.0% during the fourth quarter. Teacher Retirement System of Texas now owns 99,904 shares of the semiconductor manufacturer’s stock worth $25,404,000 after acquiring an additional 33,299 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new stake in Broadcom in the fourth quarter valued at $3,221,000. 85.76% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently weighed in on AVGO. Zacks Investment Research cut Broadcom from a “hold” rating to a “sell” rating in a research note on Tuesday. SunTrust Banks boosted their price objective on Broadcom to $339.00 and gave the company a “buy” rating in a research note on Friday, March 15th. They noted that the move was a valuation call. Jefferies Financial Group boosted their price objective on Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Citigroup started coverage on Broadcom in a research note on Friday, March 15th. They issued a “buy” rating for the company. Finally, BMO Capital Markets boosted their price objective on Broadcom from $250.00 to $270.00 and gave the company a “market perform” rating in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirty-one have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $299.08.
COPYRIGHT VIOLATION NOTICE: “Traders Purchase Large Volume of Broadcom Call Options (AVGO)” was posted by Macon Daily and is the sole property of of Macon Daily. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://macondaily.com/2019/03/20/traders-purchase-large-volume-of-broadcom-call-options-avgo.html.
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.
Recommended Story: Short Selling Stocks and Day Traders
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.