Broadcom (NASDAQ:AVGO) Shares Up 1.7% – Still a Buy?

Broadcom Inc. (NASDAQ:AVGO)’s share price was up 1.7% during trading on Wednesday . The company traded as high as $190.37 and last traded at $191.95. Approximately 3,911,866 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 29,015,726 shares. The stock had previously closed at $188.67.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Piper Sandler raised their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Mizuho lowered their price objective on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Jefferies Financial Group increased their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Barclays lifted their price target on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Stock Performance

The company has a market cap of $884.04 billion, a P/E ratio of 154.27, a PEG ratio of 2.29 and a beta of 1.01. The stock’s 50-day moving average price is $215.03 and its 200-day moving average price is $194.59. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s payout ratio is presently 113.46%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 172,168 shares of company stock valued at $40,508,877. 2.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently bought and sold shares of AVGO. Pin Oak Investment Advisors Inc. increased its stake in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 135 shares during the last quarter. Canton Hathaway LLC bought a new position in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors.

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.