Broadcom (NASDAQ:AVGO) Trading 1.6% Higher on Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGOGet Free Report)’s share price traded up 1.6% on Friday after TD Cowen raised their price target on the stock from $1,500.00 to $1,750.00. TD Cowen currently has a buy rating on the stock. Broadcom traded as high as $1,720.81 and last traded at $1,705.91. 2,238,542 shares changed hands during trading, a decline of 22% from the average session volume of 2,864,698 shares. The stock had previously closed at $1,678.99.

Other research analysts also recently issued research reports about the stock. Evercore ISI increased their price objective on shares of Broadcom from $1,620.00 to $2,010.00 and gave the company an “outperform” rating in a research report on Thursday. Benchmark restated a “buy” rating and set a $1,720.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Wednesday. The Goldman Sachs Group increased their price target on shares of Broadcom from $1,550.00 to $1,850.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Melius started coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price target on the stock. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $1,667.48.

Check Out Our Latest Stock Report on Broadcom

Insider Activity at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,770 shares of company stock valued at $36,242,096. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Large investors have recently made changes to their positions in the company. Stuart Chaussee & Associates Inc. purchased a new position in shares of Broadcom during the 4th quarter worth about $25,000. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. PSI Advisors LLC boosted its position in Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 10 shares during the period. BKM Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter valued at about $29,000. Finally, Richardson Capital Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $29,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

The company has a market capitalization of $807.64 billion, a PE ratio of 74.63, a PEG ratio of 3.34 and a beta of 1.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The firm’s 50-day simple moving average is $1,360.12 and its 200-day simple moving average is $1,253.04.

Broadcom’s stock is set to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGOGet Free Report) last released its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The company had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the previous year, the company earned $9.51 EPS. The firm’s quarterly revenue was up 43.0% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 36.17 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 24th will be issued a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 annualized dividend and a dividend yield of 1.21%. Broadcom’s dividend payout ratio is currently 90.32%.

Broadcom Company Profile

(Get Free Report)

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.

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