Broadcom (NASDAQ:AVGO) Shares Up 2.6%

Broadcom Inc. (NASDAQ:AVGO) shares rose 2.6% on Friday . The company traded as high as $1,639.23 and last traded at $1,627.64. Approximately 1,537,774 shares changed hands during trading, a decline of 51% from the average daily volume of 3,141,851 shares. The stock had previously closed at $1,586.66.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective 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, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $1,658.00 price objective on shares of Broadcom in a research report on Monday, June 10th. 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. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, Citigroup reissued a “buy” rating and set a $1,560.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,673.04.

Broadcom Price Performance

The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The firm has a market cap of $747.36 billion, a price-to-earnings ratio of 69.06, a PEG ratio of 2.75 and a beta of 1.17. The company’s 50-day moving average price is $1,433.70 and its 200-day moving average price is $1,303.94.

Shares of Broadcom are going to split before the market opens on 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 issued its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating 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 analysts’ expectations of $12.06 billion. During the same quarter last year, the company posted $9.51 EPS. The firm’s revenue was up 43.0% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Announces Dividend

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

Insider Activity

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

Hedge Funds Weigh In On Broadcom

Several hedge funds have recently added to or reduced their stakes in AVGO. Horizon Family Wealth Inc. boosted its stake in 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 lifted 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 during the last quarter. Buckley Wealth Management LLC boosted its position 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 during the period. Legend Financial Advisors Inc. grew its stake in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares during the last quarter. Finally, Ascent Wealth Partners LLC increased its position in 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 buying an additional 8 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

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.