Broadcom (NASDAQ:AVGO) Sets New 52-Week High at $508.00

Broadcom Inc. (NASDAQ:AVGO)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $508.00 and last traded at $506.17, with a volume of 44774 shares trading hands. The stock had previously closed at $501.87.

Several brokerages have recently commented on AVGO. Susquehanna Bancshares upped their price objective on shares of Broadcom from $580.00 to $590.00 and gave the company a “positive” rating in a research note on Friday, September 3rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $590.00 price objective on shares of Broadcom in a research note on Friday, September 3rd. Oppenheimer reaffirmed a “buy” rating and set a $575.00 price objective on shares of Broadcom in a research note on Thursday, May 27th. Summit Insights cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Friday, September 3rd. Finally, Morgan Stanley boosted their price target on shares of Broadcom from $555.00 to $572.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Five research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $549.52.

The stock’s fifty day moving average price is $484.42 and its 200 day moving average price is $470.98. The company has a quick ratio of 2.23, a current ratio of 2.41 and a debt-to-equity ratio of 1.65. The stock has a market cap of $209.29 billion, a PE ratio of 37.23, a PEG ratio of 1.36 and a beta of 0.93.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 EPS for the quarter, beating the Zacks’ consensus estimate of $6.88 by $0.08. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. Broadcom had a net margin of 22.90% and a return on equity of 44.27%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.40 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 24.42 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be given a dividend of $3.60 per share. The ex-dividend date is Tuesday, September 21st. This represents a $14.40 dividend on an annualized basis and a yield of 2.83%. Broadcom’s dividend payout ratio (DPR) is 78.05%.

In other Broadcom news, COO Charlie B. Kawwas sold 3,000 shares of the stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $500.83, for a total value of $1,502,490.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 9,453 shares of the stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $502.38, for a total transaction of $4,748,998.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,264 shares of company stock worth $8,652,754. 2.40% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its position in shares of Broadcom by 1.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 34,060 shares of the semiconductor manufacturer’s stock valued at $16,241,000 after purchasing an additional 435 shares during the period. Mutual of America Capital Management LLC grew its stake in Broadcom by 3.4% during the first quarter. Mutual of America Capital Management LLC now owns 57,905 shares of the semiconductor manufacturer’s stock valued at $26,848,000 after acquiring an additional 1,888 shares in the last quarter. Breakline Capital LLC purchased a new position in Broadcom during the first quarter valued at $4,773,000. Miramar Capital LLC grew its stake in Broadcom by 3.9% during the second quarter. Miramar Capital LLC now owns 19,311 shares of the semiconductor manufacturer’s stock valued at $9,417,000 after acquiring an additional 722 shares in the last quarter. Finally, Tower Bridge Advisors grew its stake in Broadcom by 8.3% during the first quarter. Tower Bridge Advisors now owns 12,060 shares of the semiconductor manufacturer’s stock valued at $5,592,000 after acquiring an additional 925 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About Broadcom (NASDAQ:AVGO)

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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