Broadcom (NASDAQ:AVGO) Price Target Raised to $265.00

Broadcom (NASDAQ:AVGO) had its target price upped by Barclays from $215.00 to $265.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other equities analysts also recently commented on AVGO. Oppenheimer boosted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Bank of America boosted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Citigroup reaffirmed a “buy” rating and set a $276.00 target price (up from $210.00) on shares of Broadcom in a research report on Tuesday, June 3rd. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Stock Performance

NASDAQ:AVGO opened at $252.91 on Monday. The stock has a 50-day simple moving average of $209.12 and a two-hundred day simple moving average of $207.94. 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 52-week low of $128.50 and a 52-week high of $265.43. The firm has a market capitalization of $1.19 trillion, a PE ratio of 206.29, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm earned $10.96 EPS. Analysts forecast that Broadcom will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business 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 dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom’s payout ratio is 88.39%.

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

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade 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 this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction 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. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 over the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several large investors have recently added to or reduced their stakes in AVGO. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at $16,893,010,000. Nuveen LLC acquired a new position in Broadcom during the 1st quarter worth $6,649,117,000. Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares during the period. GAMMA Investing LLC lifted its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Finally, GQG Partners LLC boosted its position in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.