Broadcom (NASDAQ:AVGO) Stock Price Up 2.4% Following Analyst Upgrade

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 2.4% on Friday after Barclays raised their price target on the stock from $205.00 to $260.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $237.59 and last traded at $234.80. 9,984,966 shares traded hands during trading, a decline of 57% from the average session volume of 23,185,277 shares. The stock had previously closed at $229.41.

Other equities analysts have also issued research reports about the company. Robert W. Baird upped their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Mizuho increased their target price on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Truist Financial boosted their target price on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Bank of America increased their price target on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three 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, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $225.83.

Insider Buying and Selling

In related news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Cerro Pacific Wealth Advisors LLC grew its position in Broadcom by 949.1% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 18,537 shares of the semiconductor manufacturer’s stock valued at $4,298,000 after acquiring an additional 16,770 shares during the last quarter. FCG Investment Co lifted its holdings in Broadcom by 4.8% during the 4th quarter. FCG Investment Co now owns 23,994 shares of the semiconductor manufacturer’s stock worth $5,563,000 after buying an additional 1,092 shares during the period. Apeiron RIA LLC boosted its holdings in Broadcom by 30.8% in the fourth quarter. Apeiron RIA LLC now owns 7,753 shares of the semiconductor manufacturer’s stock valued at $1,798,000 after acquiring an additional 1,826 shares during the last quarter. Veracity Capital LLC raised its stake in Broadcom by 7.8% during the fourth quarter. Veracity Capital LLC now owns 10,440 shares of the semiconductor manufacturer’s stock worth $2,420,000 after buying an additional 754 shares during the last quarter. Finally, Secure Asset Management LLC lifted its stake in shares of Broadcom by 16.2% in the 4th quarter. Secure Asset Management LLC now owns 5,571 shares of the semiconductor manufacturer’s stock valued at $1,292,000 after purchasing an additional 778 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 3.5 %

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm’s 50 day moving average price is $202.01 and its two-hundred day moving average price is $178.14. The company has a market cap of $1.11 trillion, a P/E ratio of 193.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

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.