Broadcom (NASDAQ:AVGO) Trading Up 1.4%

Broadcom Inc. (NASDAQ:AVGO) rose 1.4% during trading on Wednesday . The stock traded as high as $1,618.00 and last traded at $1,602.41. Approximately 1,700,960 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 3,130,656 shares. The stock had previously closed at $1,580.79.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AVGO. UBS Group upped their price target on Broadcom from $1,610.00 to $1,735.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. The Goldman Sachs Group raised their price target on shares of Broadcom from $1,550.00 to $1,850.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Barclays upped their price target on shares of Broadcom from $1,500.00 to $2,000.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Jefferies Financial Group boosted their target price on Broadcom from $1,550.00 to $2,050.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Piper Sandler raised their price target on Broadcom from $1,650.00 to $2,000.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Three investment 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, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Trading Up 0.2 %

The company has a market capitalization of $737.30 billion, a PE ratio of 68.15, a P/E/G ratio of 2.74 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The firm’s 50 day moving average is $1,412.94 and its 200 day moving average is $1,294.23.

Broadcom’s stock is scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be issued to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.78 by $0.18. The company had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. Broadcom’s quarterly revenue was up 43.0% on a year-over-year basis. During the same period last year, the firm earned $9.51 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be issued a dividend of $5.25 per share. The ex-dividend date is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.33%. Broadcom’s dividend payout ratio is presently 90.32%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the sale, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The disclosure for this sale can be found here. Insiders have sold a total of 12,864 shares of company stock worth $17,251,391 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of hedge funds have recently modified their holdings of AVGO. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $6,225,987,000. International Assets Investment Management LLC raised its stake in Broadcom by 113,495.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after buying an additional 3,324,288 shares during the last quarter. Swedbank AB bought a new stake in Broadcom in the first quarter worth $2,835,737,000. Vanguard Group Inc. grew its stake 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 acquiring an additional 1,303,462 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Institutional investors 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.