Broadcom (NASDAQ:AVGO) Price Target Raised to $250.00

Broadcom (NASDAQ:AVGO) had its target price lifted by Piper Sandler from $200.00 to $250.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other brokerages have also recently commented on AVGO. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Mizuho boosted their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their price target on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Finally, UBS Group raised their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $220.33.

Broadcom Stock Up 24.4 %

AVGO stock opened at $224.80 on Friday. The company has a 50 day moving average of $174.61 and a two-hundred day moving average of $164.45. The company has a market cap of $1.05 trillion, a price-to-earnings ratio of 182.76, a PEG 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 quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period last year, the company earned $0.98 earnings per share. Broadcom’s quarterly revenue was up 51.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 753,280 shares in the company, 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 SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 4.83 % 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 ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Lord Abbett & CO. LLC lifted its stake in Broadcom by 762.8% during the third 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 period. B. Riley Wealth Advisors Inc. raised its holdings in shares of Broadcom by 624.8% in the 3rd 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 in the last quarter. Legacy Wealth Management LLC MS lifted its position in shares of Broadcom by 1,021.0% during 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 during the period. 1ST Source Bank boosted its stake 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. grew its position in Broadcom by 376.4% in the third quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock valued at $1,616,000 after acquiring an additional 7,401 shares during the period. 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.