Rosenblatt Securities Reiterates “Buy” Rating for Broadcom (NASDAQ:AVGO)

Rosenblatt Securities reiterated their buy rating on shares of Broadcom (NASDAQ:AVGO) in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a $250.00 target price on the semiconductor manufacturer’s stock.

A number of other analysts have also recently commented on AVGO. Piper Sandler upped their price target on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Robert W. Baird upped their price target on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Truist Financial upped their price target on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group upped their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Up 8.6 %

Broadcom stock opened at $194.96 on Friday. Broadcom has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a 50 day moving average price of $222.28 and a 200-day moving average price of $192.74. The company has a market capitalization of $913.85 billion, a P/E ratio of 159.02, a P/E/G ratio of 2.29 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the prior year, the firm earned $0.98 EPS. The company’s revenue was up 51.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 191.87%.

Insider Activity at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 12,570 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the transaction, the chief financial officer now directly owns 325,443 shares in the company, valued at approximately $74,728,221.66. This represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Large investors have recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. grew its holdings in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter worth $30,000. Institutional investors 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.