Broadcom (NASDAQ:AVGO) Sets New 52-Week Low at $462.39

Broadcom Inc. (NASDAQ:AVGOGet Rating)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $462.39 and last traded at $463.34, with a volume of 92812 shares. The stock had previously closed at $477.61.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Bank of America decreased their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Susquehanna reiterated a “buy” rating and set a $680.00 price target on shares of Broadcom in a research note on Friday, September 2nd. Robert W. Baird reiterated an “outperform” rating and set a $700.00 price target on shares of Broadcom in a research note on Tuesday, September 6th. Finally, KeyCorp decreased their price target on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, September 2nd. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Trading Down 1.8 %

The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. The company has a market capitalization of $189.89 billion, a P/E ratio of 20.37, a PEG ratio of 0.93 and a beta of 1.09. The business has a 50 day moving average price of $521.51 and a 200 day moving average price of $547.95.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the prior year, the business posted $6.32 EPS. Broadcom’s revenue was up 24.9% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 34.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be given a $4.10 dividend. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 annualized dividend and a dividend yield of 3.50%. Broadcom’s dividend payout ratio is presently 70.93%.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Broadcom

Several institutional investors and hedge funds have recently modified their holdings of the business. Blair William & Co. IL raised its stake in shares of Broadcom by 14.9% during the 4th quarter. Blair William & Co. IL now owns 34,312 shares of the semiconductor manufacturer’s stock worth $22,832,000 after purchasing an additional 4,460 shares in the last quarter. Clearstead Advisors LLC raised its stake in shares of Broadcom by 14.1% during the 4th quarter. Clearstead Advisors LLC now owns 2,542 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 314 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Broadcom by 16.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $2,949,003,000 after purchasing an additional 624,821 shares in the last quarter. Jag Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth approximately $265,000. Finally, IHT Wealth Management LLC raised its stake in shares of Broadcom by 1.7% during the 4th quarter. IHT Wealth Management LLC now owns 3,198 shares of the semiconductor manufacturer’s stock worth $2,128,000 after purchasing an additional 55 shares in the last quarter. 79.60% of the stock is currently owned by institutional investors and hedge funds.

About Broadcom

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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.

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