Analysts Set Broadcom Inc. (NASDAQ:AVGO) Target Price at $191.54

Shares of Broadcom Inc. (NASDAQ:AVGO) have been given an average recommendation of “Buy” by the twenty-six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $191.54.

A number of equities research analysts have recently issued reports on the stock. UBS Group reduced their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Cantor Fitzgerald boosted their target price on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Truist Financial upped their target price on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating for the company. Finally, Oppenheimer lowered their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th.

Broadcom Trading Down 3.9 %

Shares of AVGO stock opened at $169.77 on Tuesday. The business’s fifty day moving average price is $168.89 and its 200 day moving average price is $155.80. The firm has a market capitalization of $790.26 billion, a PE ratio of 147.63, a P/E/G ratio of 2.99 and a beta of 1.17. 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 has a 1-year low of $83.26 and a 1-year high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the company posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.25%. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.35%.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of Broadcom 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 completion of the sale, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Broadcom

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cullinan Associates Inc. lifted its holdings in shares of Broadcom by 4.4% during the 1st quarter. Cullinan Associates Inc. now owns 2,120 shares of the semiconductor manufacturer’s stock valued at $2,810,000 after acquiring an additional 89 shares in the last quarter. Synergy Asset Management LLC acquired a new position in shares of Broadcom during the first quarter worth about $244,000. Buffington Mohr McNeal purchased a new stake in shares of Broadcom in the first quarter worth about $2,045,000. State of Michigan Retirement System grew its stake in shares of Broadcom by 3.9% in the first quarter. State of Michigan Retirement System now owns 174,466 shares of the semiconductor manufacturer’s stock valued at $231,239,000 after buying an additional 6,600 shares in the last quarter. Finally, Financial Security Advisor Inc. grew its stake in shares of Broadcom by 3.0% in the first quarter. Financial Security Advisor Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $810,000 after buying an additional 18 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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.