Broadcom Inc. (NASDAQ:AVGO) Receives $191.54 Consensus Price Target from Analysts

Shares of Broadcom Inc. (NASDAQ:AVGO) have earned an average recommendation of “Buy” from the twenty-six brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, twenty-four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $192.79.

A number of brokerages recently issued reports on AVGO. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Oppenheimer lowered their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Finally, Mizuho upped their price objective on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th.

Broadcom Stock Performance

Shares of AVGO opened at $168.55 on Tuesday. The business has a 50-day simple moving average of $169.12 and a two-hundred day simple moving average of $156.30. 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 stock has a market cap of $787.23 billion, a price-to-earnings ratio of 146.44, a PEG ratio of 2.73 and a beta of 1.17. Broadcom has a 52 week low of $87.12 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the business posted $0.95 EPS. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, analysts expect that Broadcom will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s payout ratio is 184.19%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock valued at $53,540,590 in the last three months. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cullinan Associates Inc. boosted its position in Broadcom by 4.4% in the 1st quarter. Cullinan Associates Inc. now owns 2,120 shares of the semiconductor manufacturer’s stock valued at $2,810,000 after buying an additional 89 shares during the period. Synergy Asset Management LLC acquired a new position in Broadcom in the first quarter valued at $244,000. Buffington Mohr McNeal acquired a new position in shares of Broadcom in the first quarter valued at approximately $2,045,000. State of Michigan Retirement System raised its position in Broadcom by 3.9% during the 1st quarter. State of Michigan Retirement System now owns 174,466 shares of the semiconductor manufacturer’s stock worth $231,239,000 after buying an additional 6,600 shares during the last quarter. Finally, Financial Security Advisor Inc. lifted its stake in shares of Broadcom by 3.0% in the 1st quarter. Financial Security Advisor Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $810,000 after acquiring an additional 18 shares during the period. Institutional investors and hedge funds 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.