Broadcom (NASDAQ:AVGO) Price Target Raised to $1,735.00 at UBS Group

Broadcom (NASDAQ:AVGO) had its price target lifted by UBS Group from $1,610.00 to $1,735.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts also recently commented on AVGO. Deutsche Bank Aktiengesellschaft restated a buy rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Monday, April 8th. Benchmark reiterated a buy rating and set a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald upped their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a research note on Monday, March 4th. Piper Sandler upped their price target on Broadcom from $1,650.00 to $2,000.00 and gave the stock an overweight rating in a research note on Thursday. Finally, TD Cowen upgraded Broadcom from a market perform rating to an outperform rating and upped their price target for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Up 3.3 %

Shares of Broadcom stock opened at $1,735.04 on Thursday. The stock’s fifty day moving average is $1,360.12 and its 200-day moving average is $1,255.24. The firm has a market capitalization of $807.64 billion, a PE ratio of 74.63, a price-to-earnings-growth ratio of 3.45 and a beta of 1.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom has a 12-month low of $795.09 and a 12-month high of $1,747.24.

Broadcom shares are set to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly created shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a return on equity of 43.01% and a net margin of 24.10%. The firm had revenue of $12.49 billion for the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter in the previous year, the company posted $9.51 earnings per share. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. Equities analysts anticipate that Broadcom will post 36.24 earnings per share for the current year.

Broadcom Announces Dividend

The company 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 is Monday, June 24th. This represents a $21.00 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is 90.32%.

Insider Buying and Selling

In related news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom 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 owns 45 shares in the company, valued at approximately $62,465.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders sold 26,770 shares of company stock worth $36,242,096 in the last 90 days. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of AVGO. Horizon Family Wealth Inc. increased its stake in shares of Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 8 shares during the period. Tucker Asset Management LLC increased its stake in shares of Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after buying an additional 8 shares during the period. Buckley Wealth Management LLC increased its stake in shares of Broadcom by 0.7% in the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after buying an additional 8 shares during the period. Legend Financial Advisors Inc. increased its stake 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 valued at $25,000 after buying an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC increased its stake in shares of Broadcom by 0.3% in the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after buying an additional 8 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Company Profile

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.