Analysts Set Broadcom Inc. (NASDAQ:AVGO) Target Price at $1,673.04

Broadcom Inc. (NASDAQ:AVGO) has been given an average recommendation of “Moderate Buy” by the twenty-eight ratings firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $1,673.04.

A number of equities analysts have weighed in on AVGO shares. Jefferies Financial Group upped their target price on Broadcom from $1,550.00 to $2,050.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and issued a $1,560.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Piper Sandler raised their price objective on shares of Broadcom from $1,650.00 to $2,000.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Melius Research began coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $1,850.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $1,700.00 to $2,000.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th.

Broadcom Stock Performance

Shares of AVGO opened at $1,605.53 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.25 and a quick ratio of 1.16. The firm has a market cap of $747.36 billion, a PE ratio of 69.06, a PEG ratio of 2.76 and a beta of 1.17. Broadcom has a 1 year low of $795.09 and a 1 year high of $1,851.62. The stock’s fifty day moving average price is $1,433.70 and its two-hundred day moving average price is $1,302.33.

Broadcom’s stock is 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 payable to shareholders after the closing bell on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share for the quarter, beating the consensus estimate of $10.78 by $0.18. Broadcom had a return on equity of 35.82% and a net margin of 24.10%. The firm had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same period in the prior year, the business posted $9.51 earnings per share. The company’s revenue was up 43.0% on a year-over-year basis. On average, equities research analysts forecast that Broadcom will post 37.19 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 24th were given a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Monday, June 24th. Broadcom’s dividend payout ratio (DPR) is currently 90.32%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction 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 completion of the sale, the insider now owns 44,474 shares of the company’s stock, valued at approximately $60,819,084.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $1,367.52, for a total transaction of $3,418,800.00. Following the transaction, the insider now owns 44,474 shares in the company, valued at approximately $60,819,084.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the firm’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 sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,364 shares of company stock valued at $13,953,966. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

A number of hedge funds have recently added to or reduced their stakes in the stock. Horizon Family Wealth Inc. raised its holdings in shares of Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 8 shares in the last quarter. Tucker Asset Management LLC raised its holdings 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 purchasing an additional 8 shares in the last quarter. Buckley Wealth Management LLC raised its holdings 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 purchasing an additional 8 shares in the last quarter. Legend Financial Advisors Inc. lifted its position 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 purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC boosted its stake 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 valued at $3,929,000 after purchasing an additional 8 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.