Broadcom (NASDAQ:AVGO) Stock Price Up 2.4% Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO) shares shot up 2.4% during trading on Tuesday after UBS Group raised their price target on the stock from $170.00 to $200.00. UBS Group currently has a buy rating on the stock. Broadcom traded as high as $174.36 and last traded at $172.59. 2,725,562 shares changed hands during trading, a decline of 91% from the average session volume of 29,885,256 shares. The stock had previously closed at $168.55.

Other research analysts have also recently issued research reports about the stock. Mizuho lifted their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Morgan Stanley lifted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Benchmark reissued a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in shares of Broadcom by 6.4% during the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 479 shares of the semiconductor manufacturer’s stock worth $635,000 after purchasing an additional 29 shares during the last quarter. Signaturefd LLC increased its stake in shares of Broadcom by 0.7% during the 1st quarter. Signaturefd LLC now owns 7,390 shares of the semiconductor manufacturer’s stock worth $9,794,000 after purchasing an additional 51 shares during the last quarter. Richardson Financial Services Inc. increased its stake in shares of Broadcom by 141.7% during the 1st quarter. Richardson Financial Services Inc. now owns 145 shares of the semiconductor manufacturer’s stock worth $192,000 after purchasing an additional 85 shares during the last quarter. Team Hewins LLC increased its stake in shares of Broadcom by 2.5% during the 1st quarter. Team Hewins LLC now owns 1,731 shares of the semiconductor manufacturer’s stock worth $2,294,000 after purchasing an additional 43 shares during the last quarter. Finally, 9258 Wealth Management LLC increased its stake in shares of Broadcom by 2.4% during the 1st quarter. 9258 Wealth Management LLC now owns 3,979 shares of the semiconductor manufacturer’s stock worth $5,274,000 after purchasing an additional 95 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 1.9 %

The company has a market capitalization of $801.89 billion, a price-to-earnings ratio of 149.95, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The firm’s 50 day moving average price is $169.12 and its two-hundred day moving average price is $156.30. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 184.19%.

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.