Broadcom (NASDAQ:AVGO) Earns “Buy” Rating from Bank of America

Bank of America reissued their buy rating on shares of Broadcom (NASDAQ:AVGO) in a report published on Monday, Benzinga reports. Bank of America currently has a $2,150.00 price target on the semiconductor manufacturer’s stock, up from their prior price target of $2,000.00.

A number of other analysts also recently commented on AVGO. Barclays increased their price objective on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an overweight rating in a report on Thursday, June 13th. Wells Fargo & Company lifted their price objective on Broadcom from $1,430.00 to $1,700.00 and gave the stock an equal weight rating in a research report on Thursday, June 13th. Jefferies Financial Group upped their target price on Broadcom from $1,550.00 to $2,050.00 and gave the company a buy rating in a report on Thursday, June 13th. Melius Research began coverage on Broadcom in a report on Monday, June 3rd. They set a buy rating and a $1,850.00 price target on the stock. Finally, Oppenheimer upped their price objective on shares of Broadcom from $1,500.00 to $2,000.00 and gave the company an outperform rating in a report on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of Moderate Buy and an average price target of $1,673.04.

Broadcom Stock Performance

AVGO opened at $1,592.00 on Monday. The firm has a fifty day moving average price of $1,412.94 and a 200 day moving average price of $1,294.23. Broadcom has a 1 year low of $795.09 and a 1 year high of $1,851.62. The stock has a market cap of $741.06 billion, a P/E ratio of 68.47, a P/E/G ratio of 2.74 and a beta of 1.17. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16.

Broadcom’s stock is going to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 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 35.82%. The company had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the previous year, the firm earned $9.51 EPS. The firm’s revenue was up 43.0% compared to the same quarter last year. Equities research analysts anticipate that Broadcom will post 37.19 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be given a $5.25 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.32%. Broadcom’s dividend payout ratio (DPR) is presently 90.32%.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 110 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Justine Page sold 110 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the transaction, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $1,367.52, for a total value of $3,418,800.00. Following the sale, the insider now directly owns 44,474 shares of the company’s stock, valued at $60,819,084.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,364 shares of company stock worth $13,953,966. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadcom

A number of institutional investors have recently added to or reduced their stakes in AVGO. Horizon Family Wealth Inc. boosted its holdings in shares of Broadcom by 1.3% during the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares during the period. Tucker Asset Management LLC boosted its stake in shares of Broadcom by 12.5% during 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 grew its holdings in shares of Broadcom by 0.7% during the 1st quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after acquiring an additional 8 shares in the last quarter. Legend Financial Advisors Inc. increased its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC raised its holdings in shares of Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock worth $3,929,000 after acquiring an additional 8 shares in the last quarter. Hedge funds and other 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.