Broadcom (NASDAQ:AVGO) Shares Up 2.2%

Broadcom Inc. (NASDAQ:AVGO)’s stock price was up 2.2% on Wednesday . The stock traded as high as $150.10 and last traded at $147.04. Approximately 6,490,853 shares changed hands during trading, a decline of 80% from the average daily volume of 32,080,287 shares. The stock had previously closed at $143.92.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. TD Cowen raised their price objective on Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Morgan Stanley reiterated an “overweight” rating and issued a $165.80 target price on shares of Broadcom in a research note on Monday, June 10th. Rosenblatt Securities boosted their price target on Broadcom from $165.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Mizuho lifted their price target on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $240.08.

Broadcom Price Performance

The stock has a 50-day moving average of $188.36 and a two-hundred day moving average of $150.71. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 1.02. The firm has a market cap of $64.41 billion, a price-to-earnings ratio of 6.32, a price-to-earnings-growth ratio of 2.59 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The business’s revenue for the quarter was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 EPS. On average, analysts anticipate that Broadcom Inc. will post 3.74 EPS for the current year.

Broadcom Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s dividend payout ratio is presently 9.03%.

Insiders Place Their Bets

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

Several large investors have recently bought and sold shares of AVGO. Lion Street Advisors LLC raised its position in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after buying an additional 6 shares during the last quarter. Horizon Family Wealth Inc. lifted its position in shares of Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after acquiring an additional 8 shares during the period. Tucker Asset Management LLC grew its holdings in shares of Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares in the last quarter. Buckley Wealth Management LLC increased its position in shares of Broadcom by 0.7% during the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after purchasing an additional 8 shares during the period. Finally, Legend Financial Advisors Inc. raised its stake 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 valued at $25,000 after purchasing an additional 8 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.