Broadcom (NASDAQ:AVGO) Trading Up 0.8%

Broadcom Inc. (NASDAQ:AVGO)’s stock price was up 0.8% during trading on Monday . The stock traded as high as $150.48 and last traded at $149.41. Approximately 5,596,997 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 31,944,016 shares. The stock had previously closed at $148.26.

Analyst Ratings Changes

Several research analysts have recently weighed in on AVGO shares. Truist Financial upped their price target on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. upped their target price on Broadcom from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $165.80 price target on shares of Broadcom in a research report on Monday, June 10th. The Goldman Sachs Group upped their target price on shares of Broadcom from $155.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Bank of America restated a “buy” rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $240.08.

Broadcom Trading Down 0.2 %

The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.16 and a current ratio of 1.25. The stock has a market capitalization of $68.85 billion, a P/E ratio of 6.43, a price-to-earnings-growth ratio of 2.59 and a beta of 1.17. The stock has a 50-day moving average price of $188.80 and a two-hundred day moving average price of $151.14.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The business had revenue of $12.49 billion for the quarter, compared to analysts’ expectations of $12.06 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up 43.0% compared to the same quarter last year. On average, research analysts forecast that Broadcom Inc. will post 3.74 EPS for the current fiscal year.

Broadcom Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were issued a $0.525 dividend. The ex-dividend date was Monday, June 24th. This represents a $2.10 annualized dividend and a yield of 1.42%. Broadcom’s dividend payout ratio (DPR) is presently 9.03%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the 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 completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several large investors have recently added to or reduced their stakes in AVGO. Norges Bank bought a new stake in Broadcom during the 4th quarter worth approximately $6,225,987,000. Swedbank AB bought a new stake in shares of Broadcom during the 1st quarter valued at $2,835,737,000. Vanguard Group Inc. lifted its stake in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Jennison Associates LLC boosted its holdings in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares during the period. Finally, Capital International Investors increased its stake in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

About Broadcom

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.