Brokerages Set Broadcom Inc. (NASDAQ:AVGO) Target Price at $229.48

Broadcom Inc. (NASDAQ:AVGO) has been given an average recommendation of “Moderate Buy” by the twenty-eight research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, twenty-five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $229.48.

Several equities analysts have issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a research note on Friday, March 7th. Barclays dropped their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley boosted their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Regent Peak Wealth Advisors LLC increased its position in shares of Broadcom by 3.0% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 13,309 shares of the semiconductor manufacturer’s stock valued at $3,086,000 after buying an additional 386 shares in the last quarter. RMR Wealth Builders increased its position in shares of Broadcom by 1.0% in the fourth quarter. RMR Wealth Builders now owns 70,370 shares of the semiconductor manufacturer’s stock valued at $16,315,000 after buying an additional 676 shares in the last quarter. Presilium Private Wealth LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $281,000. Redhawk Wealth Advisors Inc. increased its position in shares of Broadcom by 17.2% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 7,642 shares of the semiconductor manufacturer’s stock worth $1,772,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Pinnacle Bancorp Inc. increased its position in shares of Broadcom by 31.4% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,820 shares of the semiconductor manufacturer’s stock worth $422,000 after purchasing an additional 435 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $228.72 on Friday. The business’s 50-day moving average is $190.82 and its two-hundred day moving average is $201.27. Broadcom has a 1 year low of $128.50 and a 1 year high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market capitalization of $1.08 trillion, a PE ratio of 186.56, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04.

Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s payout ratio is presently 113.46%.

About Broadcom

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.