Evercore ISI Boosts Broadcom (NASDAQ:AVGO) Price Target to $250.00

Broadcom (NASDAQ:AVGO) had its price objective boosted by Evercore ISI from $201.00 to $250.00 in a research report released on Friday,Benzinga reports. Evercore ISI currently has an outperform rating on the semiconductor manufacturer’s stock.

A number of other analysts also recently issued reports on the company. Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday. Susquehanna raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday. Mizuho upped their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Morgan Stanley boosted their target price on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $220.33.

Broadcom Stock Up 24.4 %

Shares of NASDAQ AVGO opened at $224.80 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom has a 12-month low of $104.15 and a 12-month high of $228.70. The firm’s 50-day moving average price is $174.61 and its 200-day moving average price is $164.45. The stock has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 182.76, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, equities research analysts anticipate that Broadcom will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.05%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Monday, December 23rd. Broadcom’s dividend payout ratio is presently 172.36%.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 4.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several hedge funds have recently modified their holdings of AVGO. Lord Abbett & CO. LLC grew its position in shares of Broadcom by 762.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,181,786 shares of the semiconductor manufacturer’s stock worth $376,358,000 after buying an additional 1,928,907 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Broadcom by 624.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 138,687 shares of the semiconductor manufacturer’s stock valued at $23,889,000 after acquiring an additional 119,553 shares in the last quarter. Legacy Wealth Management LLC MS grew its holdings in Broadcom by 1,021.0% in the third quarter. Legacy Wealth Management LLC MS now owns 9,573 shares of the semiconductor manufacturer’s stock worth $1,651,000 after purchasing an additional 8,719 shares during the last quarter. 1ST Source Bank grew its holdings in Broadcom by 869.0% in the third quarter. 1ST Source Bank now owns 32,489 shares of the semiconductor manufacturer’s stock worth $5,604,000 after purchasing an additional 29,136 shares during the last quarter. Finally, Alternative Investment Advisors LLC. increased its position in shares of Broadcom by 376.4% during the third quarter. Alternative Investment Advisors LLC. now owns 9,367 shares of the semiconductor manufacturer’s stock worth $1,616,000 after purchasing an additional 7,401 shares in the last quarter. 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.