Broadcom (NASDAQ:AVGO) Trading 0.1% Higher Following Analyst Upgrade

Broadcom Inc. (NASDAQ:AVGO)’s share price shot up 0.1% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $200.00 to $225.00. Cantor Fitzgerald currently has an overweight rating on the stock. Broadcom traded as high as $181.74 and last traded at $180.86. 5,510,189 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 30,933,537 shares. The stock had previously closed at $180.73.

Several other research analysts have also recently issued reports on AVGO. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. William Blair assumed coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Evercore ISI lifted their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Sanford C. Bernstein raised their target price on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.

Insider Activity

In related 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 transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 sale, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 276,230 shares of company stock valued at $47,190,190 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Legend Financial Advisors Inc. increased its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN boosted its holdings in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in Broadcom during the 1st quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $43,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $161.39 and a two-hundred day moving average price of $150.97. The firm has a market cap of $864.36 billion, a PE ratio of 7.99, a P/E/G ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the firm posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.14%. Broadcom’s payout ratio is presently 9.12%.

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.