Broadcom (NASDAQ:AVGO) Price Target Raised to $2,000.00

Broadcom (NASDAQ:AVGO) had its price target hoisted by JPMorgan Chase & Co. from $1,700.00 to $2,000.00 in a research report released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor manufacturer’s stock.

Other equities analysts have also issued reports about the stock. Bank of America raised their target price on shares of Broadcom from $1,680.00 to $2,000.00 and gave the stock a buy rating in a research report on Thursday. Benchmark restated a buy rating and set a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Jefferies Financial Group raised their target price on shares of Broadcom from $1,550.00 to $2,050.00 and gave the stock a buy rating in a research report on Thursday. UBS Group lifted their price objective on shares of Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Finally, Melius Research began coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a buy rating and a $1,850.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $1,667.48.

Broadcom Stock Up 3.3 %

AVGO stock opened at $1,735.04 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom has a twelve month low of $795.09 and a twelve month high of $1,747.24. The company’s 50 day moving average is $1,360.12 and its two-hundred day moving average is $1,253.04. The stock has a market cap of $807.64 billion, a P/E ratio of 74.63, a PEG ratio of 3.34 and a beta of 1.17.

Shares of Broadcom are set 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 distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. The business 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 43.01%. The company’s revenue for the quarter was up 43.0% compared to the same quarter last year. During the same period last year, the firm posted $9.51 earnings per share. Research analysts expect that Broadcom will post 36.17 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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 paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 110 shares of Broadcom stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 110 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The disclosure for this sale can be found here. Insiders sold 26,770 shares of company stock valued at $36,242,096 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AVGO. Horizon Family Wealth Inc. grew its holdings in shares of Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares during the period. Tucker Asset Management LLC grew its holdings in shares of Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares during the period. Buckley Wealth Management LLC grew its holdings in shares of Broadcom by 0.7% during the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after purchasing an additional 8 shares during the period. Legend Financial Advisors Inc. grew its holdings in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC grew its holdings in shares of Broadcom by 0.3% during the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after purchasing an additional 8 shares during the period. 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.