Broadcom (NASDAQ:AVGO) Stock Price Up 2.7%

Broadcom Inc. (NASDAQ:AVGO)’s share price rose 2.7% during trading on Tuesday . The stock traded as high as $146.13 and last traded at $145.93. Approximately 5,748,116 shares traded hands during trading, a decline of 82% from the average daily volume of 32,126,713 shares. The stock had previously closed at $142.08.

Analyst Ratings Changes

A number of research firms have weighed in on AVGO. JPMorgan Chase & Co. upped their target price on Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. The Goldman Sachs Group lifted their price objective on shares of Broadcom from $155.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald raised their target price on shares of Broadcom from $1,875.00 to $2,000.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Sanford C. Bernstein raised their price objective on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Wells Fargo & Company raised their target price on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.08.

Broadcom Stock Performance

The stock has a 50 day moving average of $188.30 and a 200 day moving average of $150.55. 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 firm has a market cap of $66.99 billion, a price-to-earnings ratio of 6.28, a P/E/G ratio of 2.59 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 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The company’s revenue was up 43.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, analysts anticipate that Broadcom Inc. 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. Shareholders of record on Monday, June 24th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio is presently 9.03%.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

Institutional investors and hedge funds have recently made changes to their positions in the business. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $25,000. Legend Financial Advisors Inc. increased its holdings in shares of Broadcom by 72.7% during the first 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 in the last quarter. PSI Advisors LLC raised its position in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in Broadcom during the 1st quarter valued at about $29,000. Finally, CKW Financial Group bought a new stake in Broadcom during the 4th quarter valued at about $30,000. 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.