Broadcom (NASDAQ:AVGO) Trading 3% Higher

Broadcom Inc. (NASDAQ:AVGO)’s stock price shot up 3% during mid-day trading on Wednesday . The stock traded as high as $1,710.18 and last traded at $1,708.01. 1,753,965 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 3,185,046 shares. The stock had previously closed at $1,657.48.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler raised their price target on Broadcom from $1,650.00 to $2,000.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Bank of America reissued a “buy” rating and set a $2,150.00 target price (up previously from $2,000.00) on shares of Broadcom in a research note on Monday, June 24th. Evercore ISI upped their price target on shares of Broadcom from $1,620.00 to $2,010.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $1,658.00 price objective on shares of Broadcom in a research note on Monday, June 10th. Finally, UBS Group upped their target price on Broadcom from $1,610.00 to $1,735.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,673.04.

Broadcom Trading Up 3.5 %

The company has a market cap of $798.71 billion, a PE ratio of 73.46, a PEG ratio of 2.79 and a beta of 1.17. 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 company has a 50 day simple moving average of $1,450.19 and a two-hundred day simple moving average of $1,312.93.

Broadcom’s stock is set to split before the market opens on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be payable to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.78 by $0.18. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The company had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. During the same quarter in the prior year, the firm earned $9.51 EPS. The company’s revenue was up 43.0% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 37.19 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 24th were given a $5.25 dividend. This represents a $21.00 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Monday, June 24th. Broadcom’s payout ratio is currently 90.32%.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 3,000 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $1,343.14, for a total transaction of $4,029,420.00. Following the transaction, the chief financial officer now owns 43,459 shares in the company, valued at approximately $58,371,521.26. The disclosure for this sale can be found here. Insiders sold 5,864 shares of company stock valued at $7,910,666 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

A number of institutional investors and hedge funds have recently made changes to their positions in AVGO. Norges Bank bought a new position in shares of Broadcom in the 4th quarter valued at approximately $6,225,987,000. International Assets Investment Management LLC lifted its stake in shares of Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after buying an additional 3,324,288 shares during the last quarter. Swedbank AB bought a new stake in shares of Broadcom during the 1st quarter worth $2,835,737,000. Vanguard Group Inc. grew its position in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Finally, Jennison Associates LLC grew 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 valued at $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

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.