Broadcom (NASDAQ:AVGO) Trading 2.2% Higher

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 2.2% on Wednesday . The stock traded as high as $150.10 and last traded at $147.04. 6,490,853 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 32,080,287 shares. The stock had previously closed at $143.92.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Truist Financial lifted their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. The Goldman Sachs Group raised their target price on Broadcom from $155.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Barclays boosted their price target on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Oppenheimer reduced their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, Melius began coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.08.

Broadcom Stock Down 3.8 %

The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The firm has a market cap of $64.41 billion, a PE ratio of 6.32, a PEG ratio of 2.59 and a beta of 1.17. The company’s 50 day moving average price is $188.36 and its two-hundred day moving average price is $150.71.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The business’s revenue was up 43.0% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 3.74 EPS for the current fiscal year.

Broadcom Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.52%. Broadcom’s payout ratio is 9.03%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the last quarter. Capital International Investors lifted its holdings in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp lifted its position in shares of Broadcom by 3.7% in the fourth quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after acquiring an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. Hedge funds and other institutional investors 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.