Broadcom (NASDAQ:AVGO) Stock Price Up 3%

Broadcom Inc. (NASDAQ:AVGO) shot up 3% during mid-day trading on Wednesday . The company traded as high as $1,710.18 and last traded at $1,708.01. 1,753,965 shares changed hands during trading, a decline of 45% from the average session volume of 3,185,046 shares. The stock had previously closed at $1,657.48.

Analyst Ratings Changes

Several equities research analysts have weighed in on AVGO shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Wednesday, June 12th. Piper Sandler boosted their price target on Broadcom from $1,650.00 to $2,000.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Oppenheimer upped their price objective on Broadcom from $1,500.00 to $2,000.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Citigroup reiterated a “buy” rating and issued a $1,560.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $1,700.00 to $2,000.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,673.04.

Broadcom Trading Up 3.5 %

The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The company has a fifty day moving average price of $1,450.19 and a two-hundred day moving average price of $1,312.93. The firm has a market capitalization of $798.71 billion, a price-to-earnings ratio of 73.46, a PEG ratio of 2.79 and a beta of 1.17.

Broadcom’s stock is set to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be issued to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating the consensus estimate of $10.78 by $0.18. The company 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 35.82%. Broadcom’s revenue was up 43.0% on a year-over-year basis. During the same period in the previous year, the business posted $9.51 EPS. As a group, research analysts forecast that Broadcom Inc. will post 37.19 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were given a $5.25 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a yield of 1.22%. Broadcom’s dividend payout ratio is currently 90.32%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 3,000 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the sale, the chief financial officer now directly owns 43,459 shares in the company, valued at approximately $58,371,521.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Justine Page sold 110 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 3,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the transaction, the chief financial officer now owns 43,459 shares of the company’s stock, valued at $58,371,521.26. The disclosure for this sale can be found here. Insiders have sold a total of 5,864 shares of company stock valued at $7,910,666 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Hedge funds have recently made changes to their positions in the business. Legend Financial Advisors Inc. increased its stake in 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 buying an additional 8 shares during the period. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth $25,000. Richardson Capital Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at $29,000. Delta Asset Management LLC TN boosted its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Finally, PSI Advisors LLC boosted its holdings in Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 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.