Broadcom Inc. (NASDAQ:AVGO) Receives Consensus Rating of “Moderate Buy” from Brokerages

Broadcom Inc. (NASDAQ:AVGO) has been given an average recommendation of “Moderate Buy” by the twenty-seven brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and twenty-six have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $240.08.

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $150.00 target price on shares of Broadcom in a report on Monday, April 8th. UBS Group raised their price objective on Broadcom from $161.00 to $173.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Bank of America reissued a “buy” rating and issued a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Cantor Fitzgerald raised their price target on Broadcom from $1,875.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, Melius Research began coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Capital International Investors increased its holdings in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. Norges Bank purchased a new position in Broadcom in the 4th quarter worth about $6,225,987,000. Northern Trust Corp lifted its stake in Broadcom by 3.7% during 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 acquiring an additional 170,063 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Broadcom by 43.9% during the 1st 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 during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 1.4 %

NASDAQ AVGO opened at $149.26 on Friday. The stock’s 50-day simple moving average is $187.14 and its two-hundred day simple moving average is $148.13. Broadcom has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $69.48 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 2.89 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The company had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period last year, the firm posted $0.95 EPS. Broadcom’s revenue for the quarter was up 43.0% compared to the same quarter last year. Research analysts forecast that Broadcom will post 3.74 EPS for the current fiscal year.

Broadcom Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 24th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio is presently 9.03%.

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.