Broadcom (NASDAQ:AVGO) Trading Up 2%

Broadcom Inc. (NASDAQ:AVGO)’s stock price rose 2% during mid-day trading on Tuesday . The stock traded as high as $164.81 and last traded at $164.25. Approximately 4,508,254 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 32,131,371 shares. The stock had previously closed at $161.06.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Mizuho boosted their price objective on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Rosenblatt Securities increased their target price on shares of Broadcom from $165.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Barclays boosted their price target on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Finally, The Goldman Sachs Group raised their price objective on Broadcom from $155.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $183.11.

Broadcom Stock Down 0.8 %

The stock has a market cap of $711.36 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 2.87 and a beta of 1.16. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The stock has a fifty day moving average of $190.06 and a two-hundred day moving average of $155.59.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, analysts predict that Broadcom Inc. will post 3.74 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.39%. Broadcom’s payout ratio is presently 9.03%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Broadcom during the 4th quarter worth approximately $6,225,987,000. Swedbank AB bought a new stake in shares of Broadcom in the 1st quarter valued at approximately $2,835,737,000. Vanguard Group Inc. raised its position in shares of Broadcom by 3.0% during 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 acquiring an additional 1,303,462 shares in the last quarter. Jennison Associates LLC lifted its stake in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. Finally, Capital International Investors boosted its holdings in Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares during the period. Institutional investors 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.