Broadcom (NASDAQ:AVGO) Trading Up 2.7%

Broadcom Inc. (NASDAQ:AVGO) traded up 2.7% on Tuesday . The stock traded as high as $146.13 and last traded at $145.93. 5,748,116 shares were traded during mid-day trading, a decline of 82% from the average session volume of 32,126,713 shares. The stock had previously closed at $142.08.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. Wells Fargo & Company lifted their price target on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Rosenblatt Securities increased their price target on Broadcom from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. The Goldman Sachs Group upped their target price on shares of Broadcom from $155.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Sanford C. Bernstein upped their price target on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $240.08.

Broadcom Price Performance

The business’s 50-day simple moving average is $188.30 and its 200 day simple moving average is $150.55. The company has a market capitalization of $66.99 billion, a P/E ratio of 6.28, a P/E/G ratio of 2.59 and a beta of 1.17. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, topping 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 firm had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The firm’s quarterly revenue was up 43.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.74 EPS for the current year.

Broadcom Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is presently 9.03%.

Insider Activity

In related news, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value 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 is available at this link. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

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