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

Broadcom (NASDAQ:AVGO) had its target price boosted by Piper Sandler from $1,650.00 to $2,000.00 in a report issued on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also issued reports on AVGO. Evercore ISI began coverage on Broadcom in a research note on Tuesday, April 16th. They set an outperform rating and a $1,620.00 price target for the company. UBS Group boosted their price objective on Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Jefferies Financial Group assumed coverage on shares of Broadcom in a research note on Monday, May 13th. They issued a buy rating and a $1,550.00 target price on the stock. Barclays increased their price target on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an overweight rating in a research report on Wednesday, April 17th. Finally, Rosenblatt Securities restated a buy rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Wednesday, June 12th. Three research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $1,667.48.

Broadcom Trading Up 3.3 %

Shares of AVGO stock opened at $1,735.04 on Thursday. Broadcom has a 52-week low of $795.09 and a 52-week high of $1,747.24. The business’s fifty day moving average is $1,360.12 and its 200 day moving average is $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 capitalization of $807.64 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 3.45 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 payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The firm had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the prior year, the firm earned $9.51 EPS. The business’s revenue for the quarter was up 43.0% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom will post 36.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 dividend payout ratio is 90.32%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,770 shares of company stock worth $36,242,096. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Broadcom by 3.0% in 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 boosted its stake in shares of Broadcom by 4.5% during the 4th 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. Norges Bank purchased a new position in shares of Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp grew its holdings in Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after purchasing an additional 170,063 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Broadcom by 43.9% in the 1st 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 period. 76.43% of the stock is owned by institutional investors.

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.