Broadcom (NASDAQ:AVGO) Given New $1,750.00 Price Target at TD Cowen

Broadcom (NASDAQ:AVGO) had its price objective upped by TD Cowen from $1,500.00 to $1,750.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also issued reports on the stock. Citigroup reaffirmed a buy rating and set a $1,560.00 price objective on shares of Broadcom in a report on Tuesday. Piper Sandler increased their price objective on shares of Broadcom from $1,650.00 to $2,000.00 and gave the company an overweight rating in a report on Thursday. The Goldman Sachs Group increased their price objective on shares of Broadcom from $1,550.00 to $1,850.00 and gave the company a buy rating in a report on Thursday. Wells Fargo & Company raised their target price on shares of Broadcom from $1,430.00 to $1,700.00 and gave the company an equal weight rating in a report on Thursday. Finally, Morgan Stanley reissued an overweight rating and issued a $1,658.00 target price on shares of Broadcom in a report on Monday. Three investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Price Performance

AVGO opened at $1,678.99 on Thursday. 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 stock has a market capitalization of $778.08 billion, a P/E ratio of 72.21, a P/E/G ratio of 2.88 and a beta of 1.17. The company’s 50-day simple moving average is $1,352.21 and its two-hundred day simple moving average is $1,245.46. Broadcom has a 52-week low of $795.09 and a 52-week high of $1,735.85.

Broadcom’s stock is scheduled to split before the market opens 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 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, topping the consensus estimate of $10.78 by $0.18. The firm had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.51 EPS. As a group, analysts predict that Broadcom will post 36.06 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 24th. This represents a $21.00 annualized dividend and a dividend yield of 1.25%. Broadcom’s dividend payout ratio (DPR) is 90.32%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 110 shares of Broadcom stock in a transaction on 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 sale, the director now owns 3,125 shares of the company’s stock, valued at $4,134,375. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,770 shares of company stock worth $36,242,096. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Several institutional investors have recently made changes to their positions in AVGO. Truepoint Inc. purchased a new position in shares of Broadcom during the third quarter valued at $457,000. Paralel Advisors LLC increased its stake in shares of Broadcom by 1.3% during the third quarter. Paralel Advisors LLC now owns 2,983 shares of the semiconductor manufacturer’s stock valued at $2,478,000 after buying an additional 37 shares during the period. Johnson Investment Counsel Inc. increased its stake in shares of Broadcom by 7.6% during the third quarter. Johnson Investment Counsel Inc. now owns 15,216 shares of the semiconductor manufacturer’s stock valued at $12,638,000 after buying an additional 1,069 shares during the period. Kestra Advisory Services LLC increased its stake in shares of Broadcom by 25.4% during the third quarter. Kestra Advisory Services LLC now owns 24,125 shares of the semiconductor manufacturer’s stock valued at $20,038,000 after buying an additional 4,880 shares during the period. Finally, Kesler Norman & Wride LLC purchased a new position in shares of Broadcom during the third quarter valued at $201,000. 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.