Broadcom (NASDAQ:AVGO) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Broadcom (NASDAQ:AVGO) from a hold rating to a buy rating in a research note released on Monday.

Other equities analysts have also issued research reports about the company. TD Cowen lifted their price objective on Broadcom from $150.00 to $175.00 and gave the company a buy rating in a research note on Thursday, June 13th. The Goldman Sachs Group lifted their price objective on Broadcom from $155.00 to $185.00 and gave the company a buy rating in a research note on Thursday, June 13th. Piper Sandler lifted their price target on Broadcom from $165.00 to $200.00 and gave the company an overweight rating in a research note on Thursday, June 13th. Benchmark restated a buy rating and issued a $172.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Finally, Citigroup restated a buy rating and issued a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. Two analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $240.08.

Broadcom Stock Performance

Shares of AVGO opened at $160.52 on Monday. The stock has a 50-day moving average of $185.29 and a two-hundred day moving average of $146.42. The stock has a market cap of $747.20 billion, a P/E ratio of 6.90, a P/E/G ratio of 2.94 and a beta of 1.17. Broadcom has a one year low of $79.51 and a one year high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company’s revenue was up 43.0% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. As a group, research analysts predict that Broadcom will post 3.72 EPS for the current year.

Broadcom Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio is currently 9.03%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Everpar Advisors LLC lifted its holdings in Broadcom by 19.9% in the second quarter. Everpar Advisors LLC now owns 1,592 shares of the semiconductor manufacturer’s stock valued at $2,556,000 after acquiring an additional 264 shares during the last quarter. Foster Victor Wealth Advisors LLC lifted its holdings in Broadcom by 668.2% in the second quarter. Foster Victor Wealth Advisors LLC now owns 94,314 shares of the semiconductor manufacturer’s stock valued at $151,424,000 after acquiring an additional 82,036 shares during the last quarter. Gradient Investments LLC lifted its holdings in Broadcom by 9.1% in the second quarter. Gradient Investments LLC now owns 13,856 shares of the semiconductor manufacturer’s stock valued at $22,246,000 after acquiring an additional 1,159 shares during the last quarter. Insight Wealth Partners LLC lifted its holdings in Broadcom by 13.2% in the second quarter. Insight Wealth Partners LLC now owns 727 shares of the semiconductor manufacturer’s stock valued at $1,168,000 after acquiring an additional 85 shares during the last quarter. Finally, Brookstone Capital Management lifted its holdings in Broadcom by 1,088.3% in the second quarter. Brookstone Capital Management now owns 35,423 shares of the semiconductor manufacturer’s stock valued at $56,873,000 after acquiring an additional 32,442 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.