Broadcom (NASDAQ:AVGO) had its target price lifted by KeyCorp from $330.00 to $340.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.
Several other research analysts have also issued reports on the company. BidaskClub raised Broadcom from a hold rating to a buy rating in a research report on Thursday, September 12th. Jefferies Financial Group set a $350.00 target price on Broadcom and gave the stock a buy rating in a research report on Friday. Royal Bank of Canada began coverage on Broadcom in a research report on Tuesday, July 23rd. They issued an outperform rating and a $320.00 target price for the company. Mizuho reissued a buy rating and issued a $340.00 target price (up previously from $330.00) on shares of Broadcom in a research report on Friday. Finally, Rosenblatt Securities reissued a buy rating and issued a $350.00 target price on shares of Broadcom in a research report on Monday, June 10th. Ten analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. Broadcom presently has a consensus rating of Buy and a consensus price target of $311.71.
Shares of NASDAQ:AVGO opened at $288.66 on Friday. Broadcom has a 52-week low of $208.23 and a 52-week high of $323.20. The firm has a market capitalization of $119.65 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.47 and a beta of 0.88. The stock has a 50 day moving average price of $282.27 and a 200-day moving average price of $287.04. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.13 and a current ratio of 1.26.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 33.21% and a net margin of 13.44%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the prior year, the company posted $4.98 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. On average, equities analysts forecast that Broadcom will post 17.23 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be paid a $2.65 dividend. The ex-dividend date is Friday, September 20th. This represents a $10.60 annualized dividend and a dividend yield of 3.67%. Broadcom’s payout ratio is currently 56.29%.
In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders sold a total of 65,388 shares of company stock worth $18,327,682 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Broadcom by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after purchasing an additional 559,961 shares during the last quarter. BlackRock Inc. boosted its stake in Broadcom by 0.4% during the 2nd quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock valued at $7,421,177,000 after purchasing an additional 105,186 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Broadcom by 1.1% in the 2nd quarter. Northern Trust Corp now owns 4,971,618 shares of the semiconductor manufacturer’s stock worth $1,431,130,000 after buying an additional 52,034 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Broadcom by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,120,427 shares of the semiconductor manufacturer’s stock worth $1,186,106,000 after buying an additional 88,958 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Broadcom by 10.9% in the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock worth $1,097,834,000 after buying an additional 359,736 shares during the last quarter. Institutional investors and hedge funds own 84.57% of the company’s stock.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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