Broadcom (NASDAQ:AVGO) Trading 6.6% Higher After Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO)’s share price traded up 6.6% during mid-day trading on Monday after Barclays raised their price target on the stock from $200.00 to $205.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $247.32 and last traded at $239.73. 38,162,934 shares traded hands during trading, an increase of 29% from the average session volume of 29,474,521 shares. The stock had previously closed at $224.80.

A number of other research analysts also recently commented on the company. Truist Financial increased their price objective on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a report on Friday. The Goldman Sachs Group boosted their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Robert W. Baird raised their price target on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday. Citigroup boosted their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler raised their target price on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday. Three equities research 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 company has a consensus rating of “Moderate Buy” and a consensus price target of $220.54.

Insider Activity at Broadcom

In other Broadcom news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AVGO. NCP Inc. lifted its position in shares of Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after acquiring an additional 400 shares in the last quarter. Focus Financial Network Inc. lifted its holdings in Broadcom by 2,178.9% in the 2nd quarter. Focus Financial Network Inc. now owns 42,183 shares of the semiconductor manufacturer’s stock valued at $67,726,000 after purchasing an additional 40,332 shares in the last quarter. Summit Global Investments boosted its stake in shares of Broadcom by 147.3% during the 2nd quarter. Summit Global Investments now owns 1,486 shares of the semiconductor manufacturer’s stock worth $2,385,000 after purchasing an additional 885 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Broadcom by 30.7% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 16,365 shares of the semiconductor manufacturer’s stock worth $26,274,000 after buying an additional 3,844 shares in the last quarter. Finally, Bay Rivers Group grew its holdings in shares of Broadcom by 2.2% during the second quarter. Bay Rivers Group now owns 6,648 shares of the semiconductor manufacturer’s stock worth $10,674,000 after buying an additional 143 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 6.2 %

The firm’s 50 day moving average is $174.61 and its 200-day moving average is $164.45. The firm has a market cap of $1.12 trillion, a PE ratio of 194.90, a P/E/G ratio of 2.15 and a beta of 1.13. 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 issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion for 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 business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be issued a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio is presently 172.36%.

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.