The Goldman Sachs Group Raises Broadcom (NASDAQ:AVGO) Price Target to $190.00

Broadcom (NASDAQ:AVGO) had its target price increased by The Goldman Sachs Group from $185.00 to $190.00 in a report issued on Friday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts have also issued research reports about the stock. Bank of America reaffirmed a buy rating and issued a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Morgan Stanley reissued an overweight rating and issued a $165.80 price objective on shares of Broadcom in a research note on Monday, June 10th. Truist Financial increased their target price on shares of Broadcom from $156.60 to $204.50 and gave the stock a buy rating in a research report on Thursday, June 13th. Melius Research started coverage on shares of Broadcom in a report on Monday, June 3rd. They set a buy rating and a $185.00 price target on the stock. Finally, StockNews.com lowered Broadcom from a buy rating to a hold rating in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $189.23.

Broadcom Stock Up 2.8 %

AVGO opened at $140.82 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock’s fifty day moving average is $189.01 and its 200-day moving average is $156.19. Broadcom has a one year low of $79.51 and a one year high of $185.16. The company has a market capitalization of $655.50 billion, a PE ratio of 6.06, a P/E/G ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, equities analysts predict that Broadcom will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.51%. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 9.12%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value 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 approximately $235,746,936.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value 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 disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently made changes to their positions in AVGO. Legend Financial Advisors Inc. increased its position in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC bought a new position in Broadcom in the first quarter valued at approximately $29,000. Delta Asset Management LLC TN raised its position in Broadcom by 242.9% during 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 in the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of Broadcom during the 1st quarter worth $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in Broadcom during the first quarter worth about $37,000. 76.43% of the stock is currently owned by institutional investors.

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.