Broadcom Stock Set to Split on Monday, July 15th (NASDAQ:AVGO)

Broadcom Inc. (NASDAQ:AVGO) shares are scheduled to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom Trading Up 0.7 %

AVGO opened at $1,744.69 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The company has a market cap of $812.14 billion, a price-to-earnings ratio of 75.04, a price-to-earnings-growth ratio of 3.03 and a beta of 1.17. The firm has a 50 day simple moving average of $1,502.36 and a 200 day simple moving average of $1,336.89. Broadcom has a fifty-two week low of $795.09 and a fifty-two week high of $1,851.62.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating the consensus estimate of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The firm had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter in the prior year, the firm earned $9.51 earnings per share. The business’s quarterly revenue was up 43.0% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom will post 37.19 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were given a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is 90.32%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Wednesday, June 12th. Evercore ISI increased their target price on shares of Broadcom from $1,620.00 to $2,010.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Morgan Stanley restated an “overweight” rating and set a $1,658.00 target price on shares of Broadcom in a report on Monday, June 10th. Piper Sandler increased their target price on shares of Broadcom from $1,650.00 to $2,000.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Finally, Benchmark reiterated a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,673.04.

Insider Activity

In other news, Director Justine Page sold 254 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total value of $444,566.04. Following the sale, the director now directly owns 2,748 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisors LLC boosted its position in Broadcom by 11.1% during the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock worth $1,041,000 after buying an additional 93 shares during the period. Todd Asset Management LLC lifted its position in shares of Broadcom by 26.3% in the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock worth $89,038,000 after purchasing an additional 16,608 shares during the period. Benjamin Edwards Inc. lifted its position in shares of Broadcom by 3.0% in the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock worth $3,506,000 after purchasing an additional 91 shares during the period. Barry Investment Advisors LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $228,000. Finally, Stegent Equity Advisors Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $271,000. 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.