Broadcom Inc. (NASDAQ:AVGO – Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 54,740,000 shares, an increase of 7.6% from the August 15th total of 50,860,000 shares. Based on an average trading volume of 37,620,000 shares, the days-to-cover ratio is currently 1.5 days.
Broadcom Price Performance
Shares of Broadcom stock traded up $1.73 on Wednesday, hitting $164.20. 6,230,184 shares of the company traded hands, compared to its average volume of 31,302,434. The firm’s 50-day simple moving average is $157.17 and its 200 day simple moving average is $146.21. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $764.33 billion, a P/E ratio of 7.02, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom has a 12-month low of $79.51 and a 12-month high of $185.16.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. Analysts expect that Broadcom will post 3.77 earnings per share for the current fiscal year.
Broadcom Increases Dividend
Insiders Place Their Bets
In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
Institutional Investors Weigh In On Broadcom
A number of large investors have recently added to or reduced their stakes in the company. TBH Global Asset Management LLC boosted its stake in shares of Broadcom by 29.2% during the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 145 shares in the last quarter. Gilbert & Cook Inc. raised its holdings in Broadcom by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after buying an additional 39 shares during the last quarter. Aveo Capital Partners LLC raised its holdings in Broadcom by 15.9% in the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after buying an additional 63 shares during the last quarter. 9258 Wealth Management LLC raised its holdings in Broadcom by 1.5% in the fourth quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after buying an additional 58 shares during the last quarter. Finally, Gryphon Financial Partners LLC raised its holdings in Broadcom by 99.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after buying an additional 801 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have weighed in on AVGO shares. Oppenheimer lowered their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group raised their price target on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $189.23.
Read Our Latest Report on AVGO
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.
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