Broadcom (NASDAQ:AVGO) Price Target Raised to $1,950.00

Broadcom (NASDAQ:AVGO) had its target price lifted by Sanford C. Bernstein from $1,600.00 to $1,950.00 in a report issued on Thursday, Benzinga reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently commented on the stock. Oppenheimer upped their target price on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an outperform rating in a report on Thursday. Susquehanna increased their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a positive rating in a research report on Wednesday, February 28th. Benchmark reissued a buy rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Barclays upped their price target on Broadcom from $1,500.00 to $2,000.00 and gave the stock an overweight rating in a research note on Thursday. Finally, UBS Group lifted their price objective on shares of Broadcom to $1,480.00 and gave the company a buy rating in a research report on Monday, February 26th. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom presently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Performance

Shares of AVGO stock opened at $1,735.04 on Thursday. Broadcom has a 1 year low of $795.09 and a 1 year high of $1,747.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The firm has a market cap of $807.64 billion, a price-to-earnings ratio of 74.63, a PEG ratio of 3.34 and a beta of 1.17. The stock’s 50-day moving average is $1,360.12 and its two-hundred day moving average is $1,253.04.

Broadcom shares are scheduled to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly minted shares will be issued to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. The company had revenue of $12.49 billion during the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a return on equity of 43.01% and a net margin of 24.10%. During the same quarter in the previous year, the business earned $9.51 earnings per share. The firm’s revenue for the quarter was up 43.0% on a year-over-year basis. Analysts predict that Broadcom will post 36.17 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be issued a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Transactions at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at $22,276,800. The disclosure for this sale can be found here. Insiders have sold 26,770 shares of company stock worth $36,242,096 over the last quarter. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after acquiring an additional 1,303,462 shares during the period. Capital International Investors lifted its stake in shares of Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp grew 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 purchasing an additional 170,063 shares during the period. Finally, Jennison Associates LLC increased its position in Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 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.