Cantor Fitzgerald Raises Broadcom (NASDAQ:AVGO) Price Target to $2,000.00

Broadcom (NASDAQ:AVGO) had its price objective increased by Cantor Fitzgerald from $1,875.00 to $2,000.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock. Cantor Fitzgerald also issued estimates for Broadcom’s FY2024 earnings at $3.77 EPS.

A number of other research firms have also issued reports on AVGO. Citigroup reaffirmed a buy rating and issued a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. JPMorgan Chase & Co. upped their target price on Broadcom from $170.00 to $200.00 and gave the company an overweight rating in a research note on Thursday, June 13th. The Goldman Sachs Group upped their target price on Broadcom from $155.00 to $185.00 and gave the company a buy rating in a research note on Thursday, June 13th. Barclays upped their target price on Broadcom from $150.00 to $200.00 and gave the company an overweight rating in a research note on Thursday, June 13th. Finally, Bank of America reissued a buy rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $240.08.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $157.35 on Tuesday. The business’s 50 day simple moving average is $185.77 and its 200-day simple moving average is $146.74. The firm has a market capitalization of $732.45 billion, a price-to-earnings ratio of 6.77, a price-to-earnings-growth ratio of 2.70 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. Broadcom has a 12 month low of $79.51 and a 12 month high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $12.49 billion for 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 quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 EPS. As a group, equities analysts forecast that Broadcom will post 3.72 earnings per share for the current fiscal year.

Broadcom Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $2.10 annualized dividend and a yield of 1.33%. Broadcom’s dividend payout ratio is currently 9.03%.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadcom

Several large investors have recently modified their holdings of AVGO. Hennion & Walsh Asset Management Inc. lifted its holdings in Broadcom by 26.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 7,176 shares of the semiconductor manufacturer’s stock worth $11,521,000 after acquiring an additional 1,487 shares during the last quarter. Johnson & White Wealth Management LLC lifted its holdings in Broadcom by 12.4% in the second quarter. Johnson & White Wealth Management LLC now owns 1,776 shares of the semiconductor manufacturer’s stock worth $2,852,000 after acquiring an additional 196 shares during the last quarter. Chapin Davis Inc. lifted its holdings in Broadcom by 14.2% in the second quarter. Chapin Davis Inc. now owns 4,773 shares of the semiconductor manufacturer’s stock worth $7,664,000 after acquiring an additional 595 shares during the last quarter. Sarasin & Partners LLP lifted its holdings in Broadcom by 3.6% in the second quarter. Sarasin & Partners LLP now owns 177,453 shares of the semiconductor manufacturer’s stock worth $284,906,000 after acquiring an additional 6,140 shares during the last quarter. Finally, Family Investment Center Inc. bought a new position in Broadcom in the second quarter worth about $316,000. Institutional investors 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.