Morgan Stanley Reaffirms “Overweight” Rating for Broadcom (NASDAQ:AVGO)

Morgan Stanley reaffirmed their overweight rating on shares of Broadcom (NASDAQ:AVGOFree Report) in a report issued on Monday morning, Benzinga reports. Morgan Stanley currently has a $1,658.00 target price on the semiconductor manufacturer’s stock.

Several other research analysts have also issued reports on the company. Susquehanna increased their price target on Broadcom from $1,400.00 to $1,550.00 and gave the stock a positive rating in a report on Wednesday, February 28th. Melius assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a buy rating and a $1,850.00 price target for the company. Deutsche Bank Aktiengesellschaft restated a buy rating and set a $1,500.00 price objective on shares of Broadcom in a report on Monday, April 8th. Benchmark reaffirmed a buy rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Finally, Evercore ISI initiated coverage on shares of Broadcom in a research report on Tuesday, April 16th. They set an outperform rating and a $1,620.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Get Our Latest Stock Report on AVGO

Broadcom Trading Up 12.3 %

AVGO opened at $1,678.99 on Monday. Broadcom has a twelve month low of $795.09 and a twelve month high of $1,735.85. The company has a fifty day moving average of $1,352.21 and a 200-day moving average of $1,245.46. The stock has a market cap of $778.08 billion, a PE ratio of 72.21, a price-to-earnings-growth ratio of 2.88 and a beta of 1.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Shares of Broadcom are set to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating the consensus estimate of $10.78 by $0.18. The firm had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s revenue was up 43.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $9.51 earnings per share. On average, sell-side analysts predict that Broadcom will post 36.06 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.25%. The ex-dividend date is Monday, June 24th. Broadcom’s dividend payout ratio is 90.32%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction dated 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 sale, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. 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 ninety days. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Horizon Family Wealth Inc. grew its holdings in shares of Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 8 shares during the last quarter. Tucker Asset Management LLC grew its stake in shares of Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after buying an additional 8 shares during the last quarter. 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 buying 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 buying an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC lifted its stake in shares of Broadcom by 0.3% in the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after acquiring an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

About Broadcom

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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.

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