Evercore ISI Begins Coverage on Broadcom (NASDAQ:AVGO)

Evercore ISI started coverage on shares of Broadcom (NASDAQ:AVGO) in a research report sent to investors on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $1,620.00 price target on the semiconductor manufacturer’s stock.

Several other analysts have also recently commented on AVGO. UBS Group upped their target price on shares of Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Susquehanna upped their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a positive rating in a research report on Wednesday, February 28th. TD Cowen upgraded shares of Broadcom from a market perform rating to an outperform rating and upped their target price for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an overweight rating in a report on Monday, March 4th. Finally, The Goldman Sachs Group reissued a buy rating and issued a $1,325.00 price target on shares of Broadcom in a report on Friday, January 19th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of Moderate Buy and a consensus price target of $1,285.41.

Broadcom Trading Down 1.8 %

AVGO opened at $1,258.99 on Tuesday. The firm has a 50 day simple moving average of $1,306.69 and a 200 day simple moving average of $1,116.18. Broadcom has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The company has a market cap of $583.44 billion, a price-to-earnings ratio of 46.66, a price-to-earnings-growth ratio of 2.71 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.83 EPS. On average, sell-side analysts anticipate that Broadcom will post 35.88 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.67%. Broadcom’s dividend payout ratio is 77.84%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 in the last three months. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Institutional investors and hedge funds have recently modified their holdings of the company. Horizon Family Wealth Inc. raised its holdings in Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 8 shares during the period. Tucker Asset Management LLC raised its holdings in Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after acquiring an additional 8 shares during the period. Buckley Wealth Management LLC raised its holdings in Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares during the period. Legend Financial Advisors Inc. raised its holdings in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. Finally, BetterWealth LLC raised its holdings in Broadcom by 1.5% in the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after acquiring an additional 9 shares during the period. 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.