Broadcom (NASDAQ:AVGO) Stock Rating Reaffirmed by Bank of America

Bank of America reissued their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note released on Monday, Benzinga reports. Bank of America currently has a $2,150.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $2,000.00.

A number of other brokerages also recently commented on AVGO. Oppenheimer lifted their target price on shares of Broadcom from $1,500.00 to $2,000.00 and gave the stock an outperform rating in a research note on Thursday, June 13th. Melius Research assumed coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a buy rating and a $1,850.00 price target on the stock. Evercore ISI upped their target price on shares of Broadcom from $1,620.00 to $2,010.00 and gave the stock an outperform rating in a research note on Thursday, June 13th. Citigroup reaffirmed a buy rating and set a $1,560.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Finally, Susquehanna upped their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a positive rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $1,673.04.

Broadcom Stock Down 0.3 %

AVGO stock opened at $1,586.66 on Monday. The firm has a market cap of $738.57 billion, a PE ratio of 68.24, a P/E/G ratio of 2.74 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25. The firm’s fifty day moving average is $1,419.13 and its 200 day moving average is $1,296.32. Broadcom has a one year low of $795.09 and a one year high of $1,851.62.

Broadcom shares are set to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. Broadcom’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the previous year, the business posted $9.51 earnings per share. On average, research analysts forecast that Broadcom will post 37.19 EPS for the current year.

Broadcom Announces Dividend

The company 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 dividend of $5.25 per share. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.32%. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Hock E. Tan sold 2,000 shares of the business’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 sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 254 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total transaction of $444,566.04. Following the completion of the sale, the director now owns 2,748 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders sold a total of 10,364 shares of company stock worth $13,953,966 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Horizon Family Wealth Inc. raised its holdings in Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 8 shares in the last quarter. Tucker Asset Management LLC raised its holdings in Broadcom by 12.5% in the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares in the last quarter. Buckley Wealth Management LLC increased its stake in Broadcom by 0.7% during the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after purchasing an additional 8 shares during the last quarter. Legend Financial Advisors Inc. increased its stake in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC increased its stake in Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

About Broadcom

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.