Broadcom (NASDAQ:AVGO) Trading 4.1% Higher

Broadcom Inc. (NASDAQ:AVGO) was up 4.1% during mid-day trading on Thursday . The company traded as high as $168.42 and last traded at $168.34. Approximately 4,719,875 shares were traded during trading, a decline of 85% from the average daily volume of 31,267,873 shares. The stock had previously closed at $161.67.

Analyst Ratings Changes

Several research firms have issued reports on AVGO. Mizuho lifted their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Sanford C. Bernstein increased their price objective on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Rosenblatt Securities cut 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 note on Friday, September 6th. Melius started coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price for the company. Finally, StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Trading Up 3.9 %

The stock has a market cap of $782.02 billion, a P/E ratio of 7.24, a PEG ratio of 2.55 and a beta of 1.16. The business’s 50 day simple moving average is $156.94 and its 200 day simple moving average is $146.43. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, analysts expect that Broadcom Inc. will post 3.77 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. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

Several hedge funds have recently modified their holdings of AVGO. Legend Financial Advisors Inc. grew its holdings in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new position in shares of Broadcom in the first quarter valued at $37,000. 76.43% of the stock is owned by institutional investors.

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.