Broadcom Inc. (NASDAQ:AVGO – Get Free Report) saw unusually large options trading on Thursday. Traders purchased 141,977 call options on the stock. This represents an increase of 18% compared to the typical volume of 120,077 call options.
Broadcom Stock Up 5.3 %
AVGO stock traded up $8.34 during midday trading on Thursday, reaching $166.03. 15,108,099 shares of the company’s stock traded hands, compared to its average volume of 31,776,469. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 1.02. The firm’s fifty day moving average price is $189.91 and its 200-day moving average price is $151.61. Broadcom has a 52 week low of $79.51 and a 52 week high of $185.16. The company has a market cap of $77.28 billion, a price-to-earnings ratio of 7.06, a P/E/G ratio of 2.59 and a beta of 1.17.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $12.49 billion during the quarter, compared to the consensus estimate of $12.06 billion. Broadcom had a net margin of 24.10% and a return on equity of 35.82%. The firm’s revenue for the quarter was up 43.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, sell-side analysts forecast that Broadcom will post 3.74 earnings per share for the current fiscal year.
Broadcom Cuts Dividend
Insider Transactions at Broadcom
In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
Hedge Funds Weigh In On Broadcom
A number of hedge funds have recently bought and sold shares of AVGO. Norges Bank bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $6,225,987,000. Swedbank AB bought a new position in shares of Broadcom in the first 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 in the last quarter. Jennison Associates LLC raised its stake in shares of Broadcom by 43.9% during 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 purchasing an additional 1,263,957 shares during the period. Finally, Capital International Investors boosted 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 purchasing an additional 1,006,223 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Sanford C. Bernstein increased their target price on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Morgan Stanley reiterated an “overweight” rating and set a $165.80 target price on shares of Broadcom in a research note on Monday, June 10th. Citigroup restated a “buy” rating and issued a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. TD Cowen upped their price objective on shares of Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Finally, Melius Research assumed coverage on shares of Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price for the company. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $240.08.
Read Our Latest Research Report on Broadcom
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.
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