Broadcom (NASDAQ:AVGO) Price Target Cut to $170.00 by Analysts at UBS Group

Broadcom (NASDAQ:AVGO) had its price objective trimmed by UBS Group from $173.50 to $170.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also recently weighed in on AVGO. Bank of America reissued a buy rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Evercore ISI boosted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an outperform rating in a report on Thursday, June 13th. Citigroup reaffirmed a buy rating and issued a $156.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. Rosenblatt Securities decreased their target price on shares of Broadcom from $2,400.00 to $240.00 and set a buy rating on the stock in a research report on Friday. Finally, Truist Financial upped their price target on shares of Broadcom from $156.60 to $204.50 and gave the company a buy rating in a research report on Thursday, June 13th. Two 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.com, the company currently has a consensus rating of Moderate Buy and an average price target of $189.23.

Broadcom Stock Up 2.8 %

Shares of NASDAQ AVGO opened at $140.82 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average of $189.01 and a 200-day moving average of $156.19. The firm has a market capitalization of $655.50 billion, a price-to-earnings ratio of 6.06, a PEG ratio of 2.41 and a beta of 1.16. Broadcom has a 12 month low of $79.51 and a 12 month high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. Sell-side analysts expect that Broadcom will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, Director Justine Page sold 2,540 shares of Broadcom 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 owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Broadcom

A number of hedge funds have recently bought and sold shares of AVGO. Heritage Wealth Management Inc. purchased a new position in Broadcom in the second quarter worth about $1,381,000. Lazari Capital Management Inc. increased its position in shares of Broadcom by 12.5% during the second quarter. Lazari Capital Management Inc. now owns 1,152 shares of the semiconductor manufacturer’s stock valued at $1,850,000 after acquiring an additional 128 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $123,475,000. Creekside Partners bought a new position in Broadcom in the 2nd quarter valued at approximately $414,000. Finally, Brown Financial Advisors purchased a new stake in Broadcom during the 2nd quarter valued at $1,422,000. 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.