Broadcom (NASDAQ:AVGO) Stock Price Up 4.3%

Broadcom Inc. (NASDAQ:AVGO) shares rose 4.3% during trading on Thursday . The company traded as high as $1,729.22 and last traded at $1,729.22. Approximately 3,995,382 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 5,189,492 shares. The stock had previously closed at $1,657.48.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AVGO shares. Piper Sandler increased their price objective on shares of Broadcom from $1,650.00 to $2,000.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. The Goldman Sachs Group raised their price target on Broadcom from $1,550.00 to $1,850.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Truist Financial boosted their price objective on Broadcom from $1,566.00 to $2,045.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research report on Monday, April 8th. Finally, Melius Research began coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,673.04.

Broadcom Stock Up 4.3 %

The business has a fifty day moving average of $1,459.64 and a 200-day moving average of $1,315.84. The stock has a market cap of $804.93 billion, a PE ratio of 74.38, a price-to-earnings-growth ratio of 2.88 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16.

Broadcom’s stock is scheduled to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter last year, the firm posted $9.51 EPS. The company’s revenue for the quarter was up 43.0% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 37.19 earnings per share for the current year.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In other news, Director Justine Page sold 254 shares of Broadcom stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total value of $444,566.04. Following the transaction, the director now owns 2,748 shares of the company’s stock, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Broadcom news, CFO Kirsten M. Spears sold 3,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the completion of the sale, the chief financial officer now owns 43,459 shares of the company’s stock, valued at $58,371,521.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 254 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1,750.26, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 2,748 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. In the last three months, insiders sold 5,864 shares of company stock valued at $7,910,666. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Capital International Investors boosted its position in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp lifted its stake in Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after buying an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after acquiring an additional 1,263,957 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.