Broadcom (NASDAQ:AVGO) Stock Price Up 1.2%

Broadcom Inc. (NASDAQ:AVGO)’s share price rose 1.2% during trading on Wednesday . The stock traded as high as $1,285.62 and last traded at $1,264.22. Approximately 608,230 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,922,384 shares. The stock had previously closed at $1,249.19.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Susquehanna lifted their target price on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Benchmark reissued a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Up 3.0 %

The firm has a fifty day moving average price of $1,304.73 and a 200 day moving average price of $1,130.68. 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 has a market cap of $599.86 billion, a P/E ratio of 47.98, a PEG ratio of 2.55 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the business earned $9.83 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Announces Dividend

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

Insider Buying and Selling at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the business’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 value of $2,624,500.00. Following the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of AVGO. Capital International Investors increased its position in shares of Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares during the last quarter. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth approximately $6,225,987,000. Northern Trust Corp increased its holdings in shares of Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after acquiring an additional 170,063 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Broadcom by 43.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after acquiring an additional 1,228,755 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Broadcom by 16.7% during the 3rd 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 during the last quarter. Institutional investors own 76.43% of the company’s stock.

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.