Broadcom (NASDAQ:AVGO) Price Target Raised to $240.00

Broadcom (NASDAQ:AVGO) had its price objective hoisted by TD Cowen from $210.00 to $240.00 in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also recently commented on the stock. UBS Group boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. William Blair started coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $220.33.

Broadcom Stock Up 24.4 %

Shares of NASDAQ AVGO opened at $224.80 on Friday. The stock has a fifty day moving average price of $174.61 and a 200 day moving average price of $164.45. The company has a market cap of $1.05 trillion, a P/E ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13. Broadcom has a 12-month low of $104.15 and a 12-month high of $228.70. 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 earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. Research analysts anticipate that Broadcom will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC grew its position in Broadcom by 762.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock worth $376,358,000 after purchasing an additional 1,928,907 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Broadcom by 624.8% during the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock worth $23,889,000 after buying an additional 119,553 shares during the period. Legacy Wealth Management LLC MS grew its holdings in Broadcom by 1,021.0% in the 3rd quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after buying an additional 8,719 shares in the last quarter. 1ST Source Bank grew its position in Broadcom by 869.0% in the 3rd quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock valued at $5,604,000 after buying an additional 29,136 shares in the last quarter. Finally, Alternative Investment Advisors LLC. increased its stake in Broadcom by 376.4% during the 3rd quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after buying an additional 7,401 shares during the period. 76.43% of the stock is currently owned by 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.