Broadcom (NASDAQ:AVGO) Stock Price Up 2.9%

Broadcom Inc. (NASDAQ:AVGO) shares were up 2.9% on Thursday . The stock traded as high as $1,308.03 and last traded at $1,293.51. Approximately 1,165,595 shares changed hands during trading, a decline of 60% from the average daily volume of 2,916,823 shares. The stock had previously closed at $1,256.82.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Cantor Fitzgerald lifted their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Mizuho upped their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Finally, TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Performance

The stock has a market cap of $599.86 billion, a price-to-earnings ratio of 47.94, a price-to-earnings-growth ratio of 2.55 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The company’s 50-day simple moving average is $1,304.15 and its 200-day simple moving average is $1,129.53.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same quarter in the prior year, the company earned $9.83 earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.62%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently added to or reduced their stakes in AVGO. Capital International Investors increased its holdings in Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at about $6,225,987,000. Northern Trust Corp lifted its position in Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after purchasing an additional 170,063 shares during the period. Wellington Management Group LLP increased its position in shares of Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after buying an additional 1,228,755 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after acquiring an additional 573,826 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

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.