Broadcom Inc. (NASDAQ:AVGO – Get Free Report)’s stock price rose 1.6% during trading on Friday after TD Cowen raised their price target on the stock from $1,500.00 to $1,750.00. TD Cowen currently has a buy rating on the stock. Broadcom traded as high as $1,720.81 and last traded at $1,705.91. Approximately 2,238,542 shares changed hands during trading, a decline of 22% from the average daily volume of 2,864,698 shares. The stock had previously closed at $1,678.99.
A number of other analysts have also issued reports on AVGO. UBS Group lifted their price objective on shares of Broadcom from $1,610.00 to $1,735.00 and gave the company a “buy” rating in a research note on Thursday. Melius started coverage on shares of Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $1,850.00 price target on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Monday, April 8th. Susquehanna lifted their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Finally, Citigroup reiterated a “buy” rating and set a $1,560.00 target price on shares of Broadcom in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,667.48.
Get Our Latest Stock Report on AVGO
Insider Transactions at Broadcom
Institutional Trading of Broadcom
Several hedge funds and other institutional investors have recently modified their holdings of the company. Stuart Chaussee & Associates Inc. acquired a new position in Broadcom in the 4th quarter worth about $25,000. Legend Financial Advisors Inc. grew its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares in the last quarter. PSI Advisors LLC increased its holdings in Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 10 shares during the last quarter. BKM Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at approximately $29,000. Finally, Richardson Capital Management LLC acquired a new stake in Broadcom in the first quarter valued at approximately $29,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom Price Performance
The company’s 50-day simple moving average is $1,352.21 and its 200 day simple moving average is $1,245.46. The company has a market capitalization of $789.10 billion, a P/E ratio of 73.37, a P/E/G ratio of 2.99 and a beta of 1.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.
Shares of Broadcom are going to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be issued to shareholders after the closing bell on Friday, July 12th.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 43.01%. The business had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the previous year, the firm posted $9.51 earnings per share. Broadcom’s revenue was up 43.0% compared to the same quarter last year. As a group, sell-side analysts expect that Broadcom Inc. will post 36.06 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 24th will be paid a $5.25 dividend. The ex-dividend date is Monday, June 24th. This represents a $21.00 dividend on an annualized basis and a yield of 1.23%. Broadcom’s payout ratio is currently 90.32%.
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.
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