Broadcom (NASDAQ:AVGO) Price Target Raised to $340.00

Broadcom (NASDAQ:AVGO) had its price objective lifted by Rosenblatt Securities from $223.00 to $340.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

AVGO has been the topic of a number of other research reports. Benchmark restated a “buy” rating and set a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Truist Financial upped their target price on Broadcom from $260.00 to $267.00 and gave the company a “buy” rating in a research report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Bank of America dropped their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer raised their price objective on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $270.25.

Broadcom Stock Down 5.0%

Shares of AVGO stock opened at $246.95 on Friday. The stock’s fifty day moving average price is $203.73 and its 200 day moving average price is $206.81. Broadcom has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 113.46%.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently bought and sold shares of AVGO. Waddell & Associates LLC increased its holdings in shares of Broadcom by 2.1% during the 1st quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer’s stock worth $350,000 after purchasing an additional 43 shares during the period. Challenger Wealth Management grew its position in Broadcom by 1.3% during the first quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer’s stock worth $587,000 after buying an additional 45 shares in the last quarter. SlateStone Wealth LLC grew its position in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after buying an additional 47 shares in the last quarter. True Wealth Design LLC increased its stake in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares during the period. Finally, Martingale Asset Management L P raised its holdings in Broadcom by 1.3% in the 1st quarter. Martingale Asset Management L P now owns 3,876 shares of the semiconductor manufacturer’s stock valued at $649,000 after acquiring an additional 48 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.