Truist Financial Boosts Broadcom (NASDAQ:AVGO) Price Target to $205.00

Broadcom (NASDAQ:AVGO) had its price objective boosted by Truist Financial from $204.00 to $205.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other research firms have also issued reports on AVGO. Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a buy rating on the stock in a research report on Friday, September 6th. Morgan Stanley lifted their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an overweight rating in a research note on Friday, September 6th. TD Cowen raised shares of Broadcom to a strong-buy rating in a research report on Monday, September 16th. Citigroup reaffirmed a buy rating and set a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $190.29.

Broadcom Trading Down 0.1 %

Shares of AVGO opened at $185.69 on Tuesday. Broadcom has a 12-month low of $81.83 and a 12-month high of $186.42. The firm has a market capitalization of $864.36 billion, a P/E ratio of 7.99, a P/E/G ratio of 2.78 and a beta of 1.17. The firm has a 50-day moving average price of $161.39 and a 200 day moving average price of $150.97. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. Sell-side analysts forecast that Broadcom will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.14%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the transaction, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,230 shares of company stock worth $47,190,190. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of AVGO. Legend Financial Advisors Inc. lifted its position in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom in the 1st quarter valued at about $29,000. Delta Asset Management LLC TN grew its stake in shares of 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 acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Broadcom during the first quarter worth about $36,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Broadcom in the fourth quarter worth about $43,000. 76.43% of the stock is currently 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.