Truist Financial Boosts Broadcom (NASDAQ:AVGO) Price Target to $2,045.00

Broadcom (NASDAQ:AVGO) had its target price raised by Truist Financial from $1,566.00 to $2,045.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently issued reports on the company. Citigroup reissued a buy rating and issued a $1,560.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. JPMorgan Chase & Co. reissued an overweight rating and issued a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Rosenblatt Securities reissued a buy rating and issued a $1,500.00 price objective on shares of Broadcom in a research note on Wednesday. Melius Research initiated coverage on Broadcom in a research report on Monday, June 3rd. They issued a buy rating and a $1,850.00 target price for the company. Finally, UBS Group boosted their target price on Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of Moderate Buy and a consensus price target of $1,667.48.

Broadcom Stock Up 3.3 %

Shares of AVGO opened at $1,735.04 on Thursday. The company has a market capitalization of $807.64 billion, a PE ratio of 74.63, a PEG ratio of 3.34 and a beta of 1.17. Broadcom has a 12 month low of $795.09 and a 12 month high of $1,747.24. The stock’s 50-day moving average price is $1,360.12 and its two-hundred day moving average price is $1,253.04. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Shares of Broadcom are going 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 payable to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, topping the consensus estimate of $10.78 by $0.18. The firm had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a return on equity of 43.01% and a net margin of 24.10%. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the previous year, the business earned $9.51 EPS. On average, analysts anticipate that Broadcom will post 36.17 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 24th will be paid a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s payout ratio is presently 90.32%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 2,000 shares of the business’s 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 value of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Hock E. Tan sold 2,000 shares of the company’s 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 value of $2,624,500.00. Following the transaction, the chief executive officer now owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders have sold 26,770 shares of company stock worth $36,242,096 in the last 90 days. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of AVGO. Horizon Family Wealth Inc. increased its holdings in shares of Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares during the period. Tucker Asset Management LLC increased its holdings in shares of Broadcom by 12.5% in the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares during the period. Buckley Wealth Management LLC increased its holdings in shares of Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after purchasing an additional 8 shares during the period. Legend Financial Advisors Inc. increased its holdings in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC increased its holdings in shares of Broadcom by 0.3% in the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after purchasing an additional 8 shares during the period. Hedge funds and other 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.