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

Broadcom (NASDAQ:AVGO) had its price objective lifted by Oppenheimer from $1,500.00 to $2,000.00 in a research report sent to investors on Thursday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the semiconductor manufacturer’s stock.

A number of other brokerages also recently commented on AVGO. Morgan Stanley reissued an overweight rating and issued a $1,658.00 price objective on shares of Broadcom in a research note on Monday, June 10th. Mizuho boosted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a buy rating in a research note on Thursday, March 7th. Benchmark reissued a buy rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Jefferies Financial Group initiated coverage on shares of Broadcom in a research note on Monday, May 13th. They issued a buy rating and a $1,550.00 price objective for the company. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $1,700.00 price target on shares of Broadcom in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $1,735.04 on Thursday. The firm has a market cap of $807.64 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 3.34 and a beta of 1.17. The firm’s 50 day simple moving average is $1,360.12 and its 200-day simple moving average is $1,253.04. Broadcom has a one year low of $795.09 and a one year high of $1,747.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

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 issued shares will be payable to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 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 quarterly revenue was up 43.0% compared to the same quarter last year. During the same period last year, the company posted $9.51 earnings per share. As a group, equities analysts predict that Broadcom will post 36.17 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be issued a $5.25 dividend. This represents a $21.00 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Monday, June 24th. Broadcom’s payout ratio is 90.32%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now 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 available at this hyperlink. In related news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,770 shares of company stock worth $36,242,096. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Horizon Family Wealth Inc. grew its stake in shares of Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 8 shares during the period. Tucker Asset Management LLC boosted its position 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 boosted its position 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. boosted its position 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 boosted its position 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.