Broadcom Inc. (NASDAQ:AVGO) Short Interest Dropped 8.4% in October

Broadcom Inc. (NASDAQ: AVGO – Receive Rating) was the target of a significant decrease in short interest in October. As of October 31, there was short interest totaling 5,000,000 shares, a decrease of 8.4% from October 15’s total of 5,460,000 shares. The days-to-covers ratio currently stands at 2.2 days, based on an average daily volume of 2,300,000 shares. Currently, 1.2% of the company’s shares are short sold.

Institutional investors weigh up on Broadcom

A number of institutional investors have bought and sold shares of the business recently. Cordant Inc. acquired a new stake in Broadcom in the first quarter valued at $31,000. Lloyd Advisory Services LLC. increased its position in Broadcom shares by 920.0% during the first quarter. Lloyd Advisory Services LLC. He now owns 51 shares of the semiconductor maker worth $32,000 after buying an additional 46 shares during the period. Orion Capital Management LLC boosted its position in Broadcom shares to 70.0% during the first quarter. Orion Capital Management LLC now owns 51 shares of the semiconductor maker’s stock worth $32,000 after buying an additional 21 shares during the period. Schubert & Company increased its stake in Broadcom to 77.4% during the second quarter. Schubert & Co owns 55 shares of the semiconductor maker worth $27,000 after acquiring an additional 24 shares in the last quarter. Finally, Total Clarity Wealth Management Inc. purchased a new stake in Broadcom in the second quarter valued at approximately $32,000. 79.60% of the stock is currently owned by institutional investors and hedge funds.

Broadcom stock up 0.1%

Shares of Broadcom stock opened Friday at $512.11. The company has a quick ratio of 2.05, current ratio of 2.32 and debt-to-equity ratio of 1.88. Broadcom’s 52-week low was $415.07 and its 52-week high was $677.76. The company’s 50-day moving average is $472.25 and 200-day moving average is $511.01. The company has a market capitalization of $207.41 billion, a P/E ratio of 22.15, a P/E/G ratio of 0.94, and a beta of 1.08.

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Broadcom (NASDAQ: AVGO – Get Rating) released its last quarter earnings data on Thursday, September 1. The semiconductor maker reported $9.07 EPS for the quarter, topping the consensus estimate of $8.84 by $0.23. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. Broadcom’s net margin was 31.96% and return on equity was 63.42%. The business’s revenue for the quarter was up 24.9% as compared to the same quarter last year. During the same period last year, the firm earned $6.32 EPS. As a group, research analysts estimate Broadcom will post 34.38 EPS for the current fiscal year.

Broadcom announces dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 30. A dividend of $4.10 per share was paid to investors of record on Thursday, September 22. The ex-dividend date of this dividend was Wednesday, September 21. This represents a $16.40 annual dividend and a yield of 3.20%. Broadcom’s dividend payout ratio currently stands at 70.93%.

Analyst Rating Changes

Several equity analysts have issued reports on the stock recently. BMO Capital Markets cut their target price on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2. Susquehanna reaffirmed a “buy” rating and issued a $680.00 price objective on shares of Broadcom in a research note on Friday, September 2. Truest Financial cut their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 5. Finally, KeyCorp reduced its price target on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the company in a research note on Friday, September 2. Two research analysts have rated the stock with a Hold rating, twenty-one have a Buy rating and one has a Strong Buy rating on the company. Broadcom has an average rating of “medium buy” and a consensus price target of $675.13, according to MarketBeat data.

About Broadcom

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Broadcom Inc. designs, develops and supplies a variety of semiconductor devices worldwide with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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