Broadcom (NASDAQ:AVGO) PT Raised to $220.00

by · The Markets Daily

Broadcom (NASDAQ:AVGO – Free Report) had its price target increased by Mizuho from $190.00 to $220.00 in a research report sent to investors on Monday, MarketBeat Ratings reports. Mizuho currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other analysts also recently weighed in on AVGO. Truist Financial boosted their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Bank of America restated a “buy” rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $191.54.

Get Our Latest Stock Analysis on AVGO

Broadcom Stock Performance

Shares of AVGO stock opened at $181.53 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $845.00 billion, a PE ratio of 7.81, a PEG ratio of 2.99 and a beta of 1.17. Broadcom has a 12-month low of $81.83 and a 12-month high of $186.42. The business’s fifty day simple moving average is $165.88 and its 200-day simple moving average is $152.92.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 earnings per share. Analysts expect that Broadcom will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, 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. In the last three months, insiders sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

Hedge funds and other institutional investors have recently bought and sold shares of the company. Stratos Wealth Partners LTD. raised its position in Broadcom by 957.0% in the third quarter. Stratos Wealth Partners LTD. now owns 201,844 shares of the semiconductor manufacturer’s stock valued at $34,818,000 after purchasing an additional 182,748 shares during the period. Richard W. Paul & Associates LLC raised its holdings in Broadcom by 844.1% in the 3rd quarter. Richard W. Paul & Associates LLC now owns 10,064 shares of the semiconductor manufacturer’s stock valued at $1,736,000 after buying an additional 8,998 shares during the period. OmniStar Financial Group Inc. lifted its position in Broadcom by 862.2% in the third quarter. OmniStar Financial Group Inc. now owns 8,265 shares of the semiconductor manufacturer’s stock valued at $1,431,000 after buying an additional 7,406 shares during the last quarter. Inspire Advisors LLC boosted its stake in Broadcom by 869.5% during the third quarter. Inspire Advisors LLC now owns 1,270 shares of the semiconductor manufacturer’s stock worth $219,000 after buying an additional 1,139 shares during the period. Finally, Intergy Private Wealth LLC increased its position in shares of Broadcom by 893.1% during the third quarter. Intergy Private Wealth LLC now owns 4,002 shares of the semiconductor manufacturer’s stock valued at $690,000 after acquiring an additional 3,599 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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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