Broadcom (NASDAQ:AVGO) Trading 1.4% Higher

Broadcom Inc. (NASDAQ:AVGO) rose 1.4% during mid-day trading on Wednesday . The stock traded as high as $1,618.00 and last traded at $1,602.41. Approximately 1,700,960 shares traded hands during trading, a decline of 46% from the average daily volume of 3,130,656 shares. The stock had previously closed at $1,580.79.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AVGO shares. Evercore ISI raised their target price on shares of Broadcom from $1,620.00 to $2,010.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Melius Research initiated coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price objective on the stock. Cantor Fitzgerald upped their target price on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Morgan Stanley reiterated an “overweight” rating and set a $1,658.00 price target on shares of Broadcom in a report on Monday, June 10th. Finally, Mizuho boosted their price target on shares of Broadcom from $1,625.00 to $1,900.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,673.04.

Broadcom Trading Down 0.3 %

The stock has a market cap of $738.57 billion, a price-to-earnings ratio of 68.24, a P/E/G ratio of 2.74 and a beta of 1.17. The business’s 50 day moving average is $1,419.13 and its 200 day moving average is $1,296.32. 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 shares are going 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 distributed to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $12.06 billion. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm’s revenue was up 43.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.51 earnings per share. As a group, equities analysts expect that Broadcom Inc. will post 37.19 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be paid a $5.25 dividend. The ex-dividend date is Monday, June 24th. This represents a $21.00 annualized dividend and a yield of 1.32%. Broadcom’s dividend payout ratio is presently 90.32%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the sale, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Broadcom news, Director Justine Page sold 110 shares of the firm’s 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 transaction, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the sale, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at $220,583,976. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,364 shares of company stock valued at $13,953,966. 2.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Broadcom

Institutional investors have recently added to or reduced their stakes in the stock. SRN Advisors LLC lifted its position in Broadcom by 5.7% during the 1st quarter. SRN Advisors LLC now owns 1,380 shares of the semiconductor manufacturer’s stock worth $1,829,000 after acquiring an additional 74 shares during the period. Mosaic Family Wealth Partners LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $213,000. Jackson Wealth Management LLC lifted its holdings in shares of Broadcom by 2.2% during the first quarter. Jackson Wealth Management LLC now owns 18,312 shares of the semiconductor manufacturer’s stock worth $24,271,000 after purchasing an additional 386 shares during the period. American Trust grew its position in Broadcom by 9.8% in the 1st quarter. American Trust now owns 495 shares of the semiconductor manufacturer’s stock valued at $656,000 after buying an additional 44 shares during the last quarter. Finally, Cypress Asset Management Inc. TX grew its position in Broadcom by 26.1% in the 1st quarter. Cypress Asset Management Inc. TX now owns 6,190 shares of the semiconductor manufacturer’s stock valued at $8,345,000 after buying an additional 1,282 shares during the last quarter. Institutional investors and hedge funds 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.