Broadcom (NASDAQ:AVGO) PT Lowered to $170.00 at UBS Group

Broadcom (NASDAQ:AVGO) had its price target cut by UBS Group from $173.50 to $170.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Other analysts have also issued reports about the company. Mizuho increased their target price on shares of Broadcom from $162.50 to $190.00 and gave the company a buy rating in a report on Thursday, June 13th. Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a buy rating and a $185.00 target price on the stock. Morgan Stanley upped their target price on Broadcom from $176.00 to $180.00 and gave the company an overweight rating in a report on Friday, September 6th. Sanford C. Bernstein lifted their price target on Broadcom from $160.00 to $195.00 and gave the stock an outperform rating in a report on Thursday, June 13th. Finally, Citigroup restated a buy rating and issued a $156.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $189.23.

Broadcom Stock Performance

Shares of Broadcom stock opened at $158.27 on Monday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The firm has a market capitalization of $736.73 billion, a P/E ratio of 6.81, a P/E/G ratio of 2.41 and a beta of 1.16. The company’s 50 day moving average price is $188.37 and its two-hundred day moving average price is $156.34.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. On average, equities analysts forecast that Broadcom will post 3.75 earnings per share 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. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.34%. Broadcom’s dividend payout ratio is currently 9.12%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 7,502 shares of the company’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 transaction, 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 through this hyperlink. In related news, Director Justine Page sold 2,540 shares of Broadcom 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 sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several large investors have recently modified their holdings of AVGO. Legend Financial Advisors Inc. lifted its stake in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC bought a new position in Broadcom during the first quarter valued at approximately $29,000. Delta Asset Management LLC TN boosted its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in Broadcom in the 1st quarter worth approximately $36,000. Finally, Ulland Investment Advisors LLC purchased a new stake in Broadcom during the 1st quarter valued at $37,000. Hedge funds and other 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.