Broadcom (NASDAQ:AVGO) Price Target Raised to $233.00

Broadcom (NASDAQ:AVGO) had its target price increased by Morgan Stanley from $180.00 to $233.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

AVGO has been the subject of several other research reports. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. TD Cowen lifted their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday. Robert W. Baird boosted their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Bank of America lifted their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $220.33.

Broadcom Trading Up 24.4 %

NASDAQ AVGO opened at $224.80 on Friday. The firm’s fifty day moving average is $174.61 and its two-hundred day moving average is $164.45. Broadcom has a one year low of $104.15 and a one year high of $228.70. 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 firm has a market cap of $1.05 trillion, a PE ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. Analysts expect that Broadcom will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be given a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 1.05%. Broadcom’s dividend payout ratio (DPR) is presently 172.36%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

Several large investors have recently added to or reduced their stakes in the business. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Broadcom during the 2nd quarter worth about $128,000. Mark Sheptoff Financial Planning LLC acquired a new position in Broadcom during the second quarter worth approximately $136,000. American Capital Advisory LLC purchased a new position in Broadcom during the second quarter worth approximately $169,000. Semus Wealth Partners LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $202,000. Finally, Palisades Hudson Asset Management L.P. purchased a new stake in shares of Broadcom during the 2nd quarter valued at $204,000. 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.