Broadcom (NASDAQ:AVGO) Given New $180.00 Price Target at Morgan Stanley

Broadcom (NASDAQ:AVGO) had its price objective lifted by Morgan Stanley from $176.00 to $180.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Several other analysts have also issued reports on AVGO. Sanford C. Bernstein increased their target price on Broadcom from $160.00 to $195.00 and gave the stock an outperform rating in a report on Thursday, June 13th. Cantor Fitzgerald upped their target price on Broadcom from $187.50 to $200.00 and gave the stock an overweight rating in a report on Tuesday, July 16th. Evercore ISI lifted their target price on shares of Broadcom from $162.00 to $201.00 and gave the stock an outperform rating in a research report on Thursday, June 13th. Truist Financial raised their price target on shares of Broadcom from $156.60 to $204.50 and gave the company a buy rating in a research note on Thursday, June 13th. Finally, Jefferies Financial Group raised their target price on Broadcom from $155.00 to $205.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $189.38.

Broadcom Stock Down 10.4 %

Shares of Broadcom stock opened at $137.00 on Friday. Broadcom has a 52-week low of $79.51 and a 52-week high of $185.16. The business’s 50 day simple moving average is $189.48 and its 200 day simple moving average is $155.66. The firm has a market cap of $637.70 billion, a PE ratio of 5.89, a P/E/G ratio of 2.87 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the business posted $0.95 EPS. Broadcom’s revenue was up 47.3% on a year-over-year basis. On average, analysts predict that Broadcom will post 3.74 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is currently 9.03%.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Broadcom

A number of hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in Broadcom during the second quarter valued at approximately $123,475,000. Creekside Partners purchased a new stake in Broadcom in the 2nd quarter worth approximately $414,000. Brown Financial Advisors bought a new position in shares of Broadcom in the second quarter worth approximately $1,422,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Broadcom during the 2nd quarter valued at $369,000. Finally, Farmers National Bank raised its holdings in Broadcom by 3.7% during the second quarter. Farmers National Bank now owns 5,919 shares of the semiconductor manufacturer’s stock valued at $9,503,000 after acquiring an additional 211 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

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.