Broadcom Stock Scheduled to Split on Monday, July 15th (NASDAQ:AVGO)

Broadcom Inc. (NASDAQ:AVGO) shares are going to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom Trading Down 0.3 %

Shares of NASDAQ:AVGO opened at $1,700.67 on Friday. Broadcom has a 12-month low of $795.09 and a 12-month high of $1,851.62. The company has a market capitalization of $791.64 billion, a PE ratio of 73.15, a PEG ratio of 3.03 and a beta of 1.17. The business has a 50 day moving average of $182.63 and a two-hundred day moving average of $144.98. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 EPS. As a group, analysts forecast that Broadcom will post 37.19 EPS for the current year.

Broadcom Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.12%. The ex-dividend date was Monday, June 24th. Broadcom’s payout ratio is 90.32%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Mizuho boosted their price target on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $165.80 price target on shares of Broadcom in a research report on Monday, June 10th. Melius initiated coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. Wells Fargo & Company boosted their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Finally, UBS Group boosted their price target on Broadcom from $161.00 to $173.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $170.64.

Insider Buying and Selling

In related news, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Capital International Investors raised its position in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at about $6,225,987,000. Northern Trust Corp raised its position in Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after purchasing an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after acquiring an additional 1,263,957 shares during 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.