Broadcom (NASDAQ:AVGO) Trading Up 1.6%

Broadcom Inc. (NASDAQ:AVGO)’s share price shot up 1.6% on Monday . The stock traded as high as $162.99 and last traded at $159.85. 7,760,874 shares changed hands during trading, a decline of 76% from the average session volume of 32,178,643 shares. The stock had previously closed at $157.35.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Evercore ISI lifted their price target on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Barclays raised their price objective on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Mizuho raised their price objective on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Truist Financial raised their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $240.08.

Broadcom Stock Performance

The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25. The firm has a market cap of $704.47 billion, a P/E ratio of 6.51, a price-to-earnings-growth ratio of 2.84 and a beta of 1.17. The firm’s fifty day moving average price is $186.98 and its 200 day moving average price is $148.13.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company’s quarterly revenue was up 43.0% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 3.74 EPS for the current fiscal year.

Broadcom Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders 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 dividend yield of 1.39%. Broadcom’s dividend payout ratio is currently 9.03%.

Insider Buying and Selling

In related news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were 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 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 currently owned by company insiders.

Institutional Trading of Broadcom

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the period. Capital International Investors increased its stake in shares of Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank acquired a new position in Broadcom in the 4th quarter worth about $6,225,987,000. Northern Trust Corp boosted its position in Broadcom by 3.7% during the fourth quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after purchasing an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. 76.43% of the stock is owned by hedge funds and other 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.