Broadcom (NASDAQ:AVGO) Shares Up 6.6% Following Analyst Upgrade

Shares of Broadcom Inc. (NASDAQ:AVGO) shot up 6.6% on Monday after Barclays raised their price target on the stock from $200.00 to $205.00. Barclays currently has an overweight rating on the stock. Broadcom traded as high as $247.32 and last traded at $239.73. 38,162,934 shares traded hands during mid-day trading, an increase of 29% from the average session volume of 29,474,521 shares. The stock had previously closed at $224.80.

Several other equities analysts have also recently weighed in on AVGO. Piper Sandler raised their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Hsbc Global Res upgraded Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Morgan Stanley lifted their price objective on Broadcom from $180.00 to $233.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $220.54.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 10,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total value of $1,671,400.00. Following the transaction, the chief executive officer now directly owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This represents a 0.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. This represents a 4.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,080 shares of company stock worth $45,372,090. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors have recently bought and sold shares of the company. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Broadcom in the second quarter worth about $128,000. Mark Sheptoff Financial Planning LLC acquired a new position in Broadcom during the 2nd quarter worth about $136,000. American Capital Advisory LLC purchased a new stake in Broadcom during the 2nd quarter worth approximately $169,000. Semus Wealth Partners LLC acquired a new stake in shares of Broadcom in the second quarter valued at $202,000. Finally, Palisades Hudson Asset Management L.P. acquired a new stake in Broadcom in the 2nd quarter valued at about $204,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 3.9 %

The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The business’s 50 day moving average is $177.30 and its 200-day moving average is $165.89. The company has a market cap of $1.12 trillion, a PE ratio of 195.31, a P/E/G ratio of 2.15 and a beta of 1.13.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 earnings per share. As a group, analysts predict that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be issued a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Monday, December 23rd. Broadcom’s payout ratio is presently 191.87%.

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.