Broadcom (NASDAQ:AVGO) Price Target Increased to $2,000.00 by Analysts at Barclays

Broadcom (NASDAQ:AVGO) had its price target raised by Barclays from $1,500.00 to $2,000.00 in a research note released on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other brokerages have also recently commented on AVGO. Benchmark reiterated a buy rating and issued a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Jefferies Financial Group boosted their price target 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. Piper Sandler boosted their price target on shares of Broadcom from $1,650.00 to $2,000.00 and gave the stock an overweight rating in a research report on Thursday. Truist Financial boosted their price target on shares of Broadcom from $1,566.00 to $2,045.00 and gave the stock a buy rating in a research report on Thursday. Finally, JPMorgan Chase & Co. reiterated an overweight rating and issued a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Performance

Shares of AVGO opened at $1,735.04 on Thursday. Broadcom has a 1 year low of $795.09 and a 1 year high of $1,747.24. The firm has a fifty day moving average of $1,360.12 and a 200-day moving average of $1,255.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The company has a market cap of $807.64 billion, a price-to-earnings ratio of 74.63, a price-to-earnings-growth ratio of 3.45 and a beta of 1.17.

Broadcom’s stock is scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The business had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the previous year, the business earned $9.51 earnings per share. The company’s revenue was up 43.0% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom will post 36.24 earnings per share for the current year.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a document filed with the SEC, 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 that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,770 shares of company stock valued at $36,242,096. 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 stock. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the last quarter. Capital International Investors lifted its holdings in shares of Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares during the last quarter. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter worth approximately $6,225,987,000. Northern Trust Corp lifted its holdings in shares of Broadcom by 3.7% during the fourth quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after buying an additional 170,063 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of 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 buying an additional 1,263,957 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.