Broadcom (NASDAQ:AVGO) Trading Up 0.2% Following Analyst Upgrade

Shares of Broadcom Inc. (NASDAQ:AVGO) were up 0.2% during trading on Monday after Mizuho raised their price target on the stock from $245.00 to $260.00. Mizuho currently has an outperform rating on the stock. Broadcom traded as high as $229.26 and last traded at $224.80. Approximately 8,173,046 shares traded hands during trading, a decline of 66% from the average daily volume of 23,738,336 shares. The stock had previously closed at $224.31.

AVGO has been the subject of a number of other research reports. Cantor Fitzgerald raised their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Barclays upped their price target on Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. William Blair initiated coverage on Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating for the company. Morgan Stanley upped their target price on Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $255.00 price objective (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four 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 $223.54.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC boosted its position in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after buying an additional 89,975,941 shares in the last quarter. FMR LLC boosted its position in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after buying an additional 82,998,328 shares in the last quarter. Jennison Associates LLC grew its stake in Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after buying an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 0.2 %

The firm has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 195.28, a P/E/G ratio of 2.15 and a beta of 1.03. The firm has a fifty day moving average price of $196.90 and a 200 day moving average price of $175.71. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The business’s revenue was up 51.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 191.87%.

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.