Broadcom (NASDAQ:AVGO) Price Target Raised to $245.00

Broadcom (NASDAQ:AVGO) had its price target upped by Truist Financial from $205.00 to $245.00 in a report issued on Friday,Benzinga reports. Truist Financial currently has a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also commented on the company. Robert W. Baird raised their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup boosted their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Bank of America lifted their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday. Finally, Benchmark restated a “buy” rating and set a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $220.33.

Broadcom Price Performance

Broadcom stock opened at $224.80 on Friday. The stock has a market cap of $1.05 trillion, a price-to-earnings ratio of 182.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The firm has a 50-day moving average of $174.61 and a two-hundred day moving average of $164.45. Broadcom has a 1 year low of $104.15 and a 1 year high of $228.70. 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 (NASDAQ:AVGO) last announced its quarterly 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 firm 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%. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.98 earnings per share. On average, research analysts forecast 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 issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 172.36%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated 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 completion of 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. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several hedge funds and other institutional investors have recently bought and sold shares of AVGO. Kiely Wealth Advisory Group Inc. acquired a new stake in Broadcom during the 2nd quarter worth about $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Broadcom during the second quarter worth about $136,000. American Capital Advisory LLC purchased a new position in Broadcom during the second quarter valued at approximately $169,000. Semus Wealth Partners LLC acquired a new position in Broadcom in the second quarter valued at approximately $202,000. Finally, Palisades Hudson Asset Management L.P. purchased a new stake in Broadcom in the 2nd quarter worth approximately $204,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

About Broadcom

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.