Evercore ISI Boosts Broadcom (NASDAQ:AVGO) Price Target to $2,010.00

Broadcom (NASDAQ:AVGOFree Report) had its price objective upped by Evercore ISI from $1,620.00 to $2,010.00 in a report published on Thursday, Benzinga reports. The firm currently has an outperform rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of several other reports. Oppenheimer upped their price target on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an outperform rating in a research note on Thursday. Citigroup reaffirmed a buy rating and set a $1,560.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. TD Cowen raised shares of Broadcom from a market perform rating to an outperform rating and upped their price objective for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Melius Research assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a buy rating and a $1,850.00 price objective for the company. Finally, Morgan Stanley reaffirmed an overweight rating and set a $1,658.00 price objective on shares of Broadcom in a research report on Monday, June 10th. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom has a consensus rating of Moderate Buy and an average price target of $1,667.48.

Get Our Latest Analysis on Broadcom

Broadcom Trading Up 3.3 %

AVGO stock opened at $1,735.04 on Thursday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The company’s 50-day simple moving average is $1,360.12 and its 200 day simple moving average is $1,253.04. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,747.24. The company has a market capitalization of $807.64 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 3.34 and a beta of 1.17.

Broadcom shares are scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGOGet Free Report) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 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 business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same period in the prior year, the company posted $9.51 earnings per share. Broadcom’s revenue was up 43.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom will post 36.17 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 dividend on an annualized basis and a yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Justine Page sold 110 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The disclosure for this sale can be found here. Insiders sold a total of 26,770 shares of company stock worth $36,242,096 in the last quarter. 2.00% of the stock is owned by insiders.

Institutional Trading of Broadcom

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pathway Financial Advisors LLC increased its position in Broadcom by 11.1% during the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after purchasing an additional 93 shares during the period. Todd Asset Management LLC increased its position in Broadcom by 26.3% during the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock valued at $89,038,000 after purchasing an additional 16,608 shares during the period. Benjamin Edwards Inc. increased its position in Broadcom by 3.0% during the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock valued at $3,506,000 after purchasing an additional 91 shares during the period. Barry Investment Advisors LLC acquired a new stake in Broadcom during the 4th quarter valued at approximately $228,000. Finally, Stegent Equity Advisors Inc. acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $271,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

(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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Analyst Recommendations for Broadcom (NASDAQ:AVGO)

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