Broadcom Inc. (NASDAQ:AVGO) Receives Consensus Rating of “Buy” from Brokerages

Broadcom Inc. (NASDAQ:AVGO) has been given a consensus rating of “Buy” by the twenty-six analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $189.23.

A number of research analysts have issued reports on AVGO shares. Piper Sandler increased their target price on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Wells Fargo & Company lifted their price target on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research note on Thursday, June 13th. Jefferies Financial Group boosted their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Evercore ISI boosted their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th.

Broadcom Trading Up 0.7 %

Shares of NASDAQ:AVGO opened at $171.89 on Friday. Broadcom has a 52-week low of $81.17 and a 52-week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market capitalization of $800.13 billion, a P/E ratio of 7.39, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The company has a 50-day simple moving average of $159.14 and a 200 day simple moving average of $149.44.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. The company’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 earnings per share. Sell-side analysts forecast that Broadcom will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,171,910 shares of the company’s stock, valued at $195,873,037.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the completion of the sale, the chief executive officer now owns 1,171,910 shares in the company, valued at $195,873,037.40. The disclosure for this sale can be found here. Insiders have sold 243,452 shares of company stock worth $52,950,238 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Broadcom

A number of institutional investors and hedge funds have recently bought and sold shares of AVGO. J. W. Coons Advisors LLC grew its position in Broadcom by 5.1% during the fourth quarter. J. W. Coons Advisors LLC now owns 1,410 shares of the semiconductor manufacturer’s stock valued at $1,574,000 after acquiring an additional 69 shares during the last quarter. Gabelli Funds LLC raised its position in Broadcom by 25.9% in the 4th quarter. Gabelli Funds LLC now owns 5,107 shares of the semiconductor manufacturer’s stock worth $5,701,000 after purchasing an additional 1,049 shares during the period. Exencial Wealth Advisors LLC lifted its stake in Broadcom by 6.5% in the fourth quarter. Exencial Wealth Advisors LLC now owns 1,594 shares of the semiconductor manufacturer’s stock worth $1,779,000 after purchasing an additional 97 shares during the last quarter. Morningstar Investment Services LLC boosted its position in Broadcom by 151.0% during the fourth quarter. Morningstar Investment Services LLC now owns 2,824 shares of the semiconductor manufacturer’s stock valued at $3,170,000 after buying an additional 1,699 shares during the period. Finally, Platform Technology Partners bought a new position in shares of Broadcom during the fourth quarter valued at about $268,000. 76.43% of the stock is 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.