Broadcom Inc. (NASDAQ:AVGO – Get Free Report) traded up 0.3% on Thursday after Barclays raised their price target on the stock from $1,405.00 to $1,500.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $1,289.46 and last traded at $1,287.08. 621,575 shares were traded during trading, a decline of 79% from the average session volume of 2,922,910 shares. The stock had previously closed at $1,282.63.
Other research analysts have also recently issued reports about the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Evercore ISI initiated coverage on Broadcom in a research note on Tuesday. They set an “outperform” rating and a $1,620.00 price objective on the stock. Finally, TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.
Read Our Latest Analysis on Broadcom
Insider Buying and Selling at Broadcom
Hedge Funds Weigh In On Broadcom
Several large investors have recently made changes to their positions in the business. Maryland State Retirement & Pension System lifted its holdings in shares of Broadcom by 0.7% during the first quarter. Maryland State Retirement & Pension System now owns 33,702 shares of the semiconductor manufacturer’s stock valued at $43,515,000 after purchasing an additional 237 shares during the last quarter. Kesler Norman & Wride LLC lifted its holdings in shares of Broadcom by 428.9% during the first quarter. Kesler Norman & Wride LLC now owns 2,528 shares of the semiconductor manufacturer’s stock valued at $3,351,000 after purchasing an additional 2,050 shares during the last quarter. FORVIS Wealth Advisors LLC raised its holdings in Broadcom by 39.4% in the 1st quarter. FORVIS Wealth Advisors LLC now owns 944 shares of the semiconductor manufacturer’s stock worth $1,251,000 after acquiring an additional 267 shares during the last quarter. Veracity Capital LLC raised its holdings in Broadcom by 11.8% in the 1st quarter. Veracity Capital LLC now owns 973 shares of the semiconductor manufacturer’s stock worth $1,290,000 after acquiring an additional 103 shares during the last quarter. Finally, Willis Johnson & Associates Inc. purchased a new position in Broadcom in the 1st quarter worth approximately $301,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom Stock Performance
The company has a market capitalization of $558.29 billion, a PE ratio of 44.65, a price-to-earnings-growth ratio of 2.62 and a beta of 1.25. The business’s fifty day moving average is $1,305.11 and its two-hundred day moving average is $1,118.75. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same period in the previous year, the business earned $9.83 EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 35.88 earnings per share for the current year.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.74%. Broadcom’s payout ratio is currently 77.84%.
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.
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