Broadcom (NASDAQ:AVGO) PT Raised to $205.00

12 Oct 2024, 06:53 by Michael Walen · The Markets Daily

Broadcom (NASDAQ:AVGO – Free Report) had its price objective boosted by Truist Financial from $204.00 to $205.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of a number of other reports. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the stock an overweight rating in a research report on Friday, September 6th. William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They set an outperform rating on the stock. Wells Fargo & Company lifted their price target on Broadcom from $143.00 to $170.00 and gave the company an equal weight rating in a report on Thursday, June 13th. The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the stock a buy rating in a report on Friday, September 6th. Finally, Citigroup reaffirmed a buy rating and issued a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $190.29.

View Our Latest Analysis on Broadcom

Broadcom Price Performance

NASDAQ:AVGO opened at $181.48 on Tuesday. The company has a market capitalization of $847.62 billion, a price-to-earnings ratio of 157.67, a PEG ratio of 2.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. Broadcom has a 52 week low of $81.83 and a 52 week high of $186.42. The company has a 50-day moving average of $162.16 and a 200-day moving average of $151.32.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 EPS. As a group, equities research analysts anticipate that Broadcom will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 295,130 shares of company stock worth $50,646,622 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AVGO. Vanguard Group Inc. boosted its position in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC lifted its stake in Broadcom by 43.9% in 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 in the last quarter. Legal & General Group Plc boosted its position in Broadcom by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock worth $6,362,816,000 after acquiring an additional 83,846 shares during the last quarter. GQG Partners LLC grew its stake in shares of Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after acquiring an additional 983,328 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of Broadcom by 826.3% in the third quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock valued at $511,258,000 after purchasing an additional 2,643,845 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Company Profile

(Get Free Report)