Broadcom (NASDAQ:AVGO) Price Target Raised to $220.00

Broadcom (NASDAQ:AVGO) had its price objective lifted by Mizuho from $190.00 to $220.00 in a report released on Monday morning, Marketbeat.com reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

AVGO has been the subject of several other research reports. Truist Financial lifted their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Rosenblatt Securities reduced their price target 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, September 6th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Morgan Stanley increased their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, Benchmark reiterated a “buy” rating and issued a $210.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Stock Performance

Shares of AVGO opened at $176.82 on Monday. Broadcom has a 1 year low of $81.83 and a 1 year high of $186.42. The stock’s fifty day moving average price is $165.17 and its two-hundred day moving average price is $152.58. The firm has a market cap of $823.08 billion, a PE ratio of 7.61, a PEG 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 (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter last year, the company posted $0.95 EPS. On average, equities research analysts forecast that Broadcom will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.20%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several institutional investors have recently bought and sold shares of AVGO. AlphaMark Advisors LLC raised its stake in shares of Broadcom by 1,141.8% in the third quarter. AlphaMark Advisors LLC now owns 8,879 shares of the semiconductor manufacturer’s stock worth $1,532,000 after purchasing an additional 8,164 shares during the last quarter. Drake & Associates LLC increased its holdings in Broadcom by 1,153.5% in the 3rd quarter. Drake & Associates LLC now owns 6,631 shares of the semiconductor manufacturer’s stock worth $1,144,000 after buying an additional 6,102 shares in the last quarter. Trust Co. of Vermont raised its position in Broadcom by 963.0% in the 3rd quarter. Trust Co. of Vermont now owns 22,780 shares of the semiconductor manufacturer’s stock worth $3,930,000 after buying an additional 20,637 shares during the last quarter. Secure Asset Management LLC lifted its stake in Broadcom by 999.3% during the 3rd quarter. Secure Asset Management LLC now owns 4,793 shares of the semiconductor manufacturer’s stock valued at $827,000 after acquiring an additional 4,357 shares during the period. Finally, Smallwood Wealth Investment Management LLC boosted its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Smallwood Wealth Investment Management LLC now owns 1,890 shares of the semiconductor manufacturer’s stock valued at $326,000 after acquiring an additional 1,701 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other 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.