Broadcom (NASDAQ:AVGO) Price Target Raised to $304.00

Broadcom (NASDAQ:AVGO) had its price target lifted by Evercore ISI from $267.00 to $304.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor manufacturer’s stock.

AVGO has been the subject of several other reports. Bank of America lowered their target price on Broadcom from $260.00 to $240.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Morgan Stanley upped their target price on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Oppenheimer upped their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday. Finally, Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $270.25.

Broadcom Stock Performance

Shares of Broadcom stock opened at $246.95 on Friday. Broadcom has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock’s fifty day moving average is $203.73 and its two-hundred day moving average is $206.81. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the prior year, the business earned $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts expect that Broadcom will post 5.38 earnings per share for the current year.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Buying and Selling at Broadcom

In other 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 value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Waddell & Associates LLC increased its holdings in shares of Broadcom by 2.1% in the 1st quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer’s stock valued at $350,000 after acquiring an additional 43 shares during the last quarter. Challenger Wealth Management increased its holdings in shares of Broadcom by 1.3% in the 1st quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer’s stock valued at $587,000 after acquiring an additional 45 shares during the last quarter. SlateStone Wealth LLC increased its holdings in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares during the last quarter. Finally, Martingale Asset Management L P increased its holdings in shares of Broadcom by 1.3% in the 1st quarter. Martingale Asset Management L P now owns 3,876 shares of the semiconductor manufacturer’s stock valued at $649,000 after acquiring an additional 48 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

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.