Broadcom (NASDAQ:AVGO) Given New $2,000.00 Price Target at JPMorgan Chase & Co.

Broadcom (NASDAQ:AVGO) had its target price increased by JPMorgan Chase & Co. from $1,700.00 to $2,000.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other research firms have also recently issued reports on AVGO. Cantor Fitzgerald raised their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a research report on Monday, March 4th. UBS Group raised their target price on shares of Broadcom to $1,480.00 and gave the stock a buy rating in a research report on Monday, February 26th. Melius Research assumed coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a buy rating and a $1,850.00 price target on the stock. Truist Financial raised their price target on shares of Broadcom from $1,566.00 to $2,045.00 and gave the company a buy rating in a report on Thursday. Finally, Jefferies Financial Group raised their price target on shares of Broadcom from $1,550.00 to $2,050.00 and gave the company a buy rating in a report on Thursday. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, Broadcom presently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $1,735.04 on Thursday. The stock has a market cap of $807.64 billion, a price-to-earnings ratio of 74.63, a PEG ratio of 3.45 and a beta of 1.17. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,747.24. The company’s 50-day moving average price is $1,360.12 and its 200 day moving average price is $1,255.24. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom shares are scheduled to split on the morning of 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 released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The company had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period last year, the company earned $9.51 EPS. The firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. As a group, research analysts forecast that Broadcom will post 36.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 24th will be given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Monday, June 24th. Broadcom’s dividend payout ratio is currently 90.32%.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares in the company, valued at $22,276,800. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The disclosure for this sale can be found here. Insiders have sold a total of 26,770 shares of company stock valued at $36,242,096 over the last three months. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently modified their holdings of AVGO. Stuart Chaussee & Associates Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $25,000. Legend Financial Advisors Inc. raised its holdings in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. PSI Advisors LLC raised its holdings in shares of Broadcom by 66.7% in the 4th quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares in the last quarter. BKM Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $29,000. Finally, Richardson Capital Management LLC bought a new stake in Broadcom during the 1st quarter worth approximately $29,000. 76.43% of the stock is 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.