Broadcom Inc. (NASDAQ:AVGO) Receives $229.48 Consensus Price Target from Analysts

Broadcom Inc. (NASDAQ:AVGO) has been assigned an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $229.48.

Several analysts recently commented on AVGO shares. Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Mizuho dropped their target price on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, March 7th. Citigroup dropped their target price on Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th.

Broadcom Stock Down 0.8%

Shares of AVGO opened at $228.72 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom has a one year low of $128.50 and a one year high of $251.88. The stock has a market capitalization of $1.08 trillion, a price-to-earnings ratio of 186.56, a PEG ratio of 2.29 and a beta of 1.04. The stock has a 50 day moving average price of $190.82 and a 200 day moving average price of $201.27.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently bought and sold shares of AVGO. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Nuveen LLC acquired a new stake in Broadcom in the 1st quarter valued at about $6,649,117,000. Price T Rowe Associates Inc. MD raised its position in Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. GAMMA Investing LLC raised its position in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Finally, GQG Partners LLC raised its position in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company Profile

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.