Broadcom (NASDAQ:AVGO) PT Lowered to $170.00

Broadcom (NASDAQ:AVGO) had its price objective lowered by UBS Group from $173.50 to $170.00 in a report published on Monday, Benzinga reports. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

Several other analysts have also recently commented on the stock. Melius began coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a buy rating and a $185.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on Broadcom from $200.00 to $210.00 and gave the stock an overweight rating in a research report on Friday, September 6th. Truist Financial raised their price target on Broadcom from $156.60 to $204.50 and gave the company a buy rating in a report on Thursday, June 13th. Citigroup reaffirmed a buy rating and set a $156.00 price objective on shares of Broadcom in a report on Tuesday, June 11th. Finally, Barclays raised their target price on shares of Broadcom from $150.00 to $200.00 and gave the company an overweight rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of Moderate Buy and an average price target of $189.23.

Broadcom Price Performance

Shares of Broadcom stock opened at $158.27 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom has a 52 week low of $79.51 and a 52 week high of $185.16. The stock’s 50-day simple moving average is $188.37 and its 200-day simple moving average is $156.34. The company has a market capitalization of $736.73 billion, a price-to-earnings ratio of 6.81, a PEG ratio of 2.41 and a beta of 1.16.

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 the consensus estimate of $1.20 by $0.04. The business 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 firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. As a group, analysts expect that Broadcom will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.34%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity

In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the 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 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 legal filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares of the company’s stock, 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 Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barry Investment Advisors LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $228,000. Vise Technologies Inc. increased its position in shares of Broadcom by 49.9% in the 4th quarter. Vise Technologies Inc. now owns 2,901 shares of the semiconductor manufacturer’s stock valued at $3,238,000 after acquiring an additional 966 shares during the period. Jump Financial LLC purchased a new position in Broadcom in the 4th quarter worth $2,690,000. Barings LLC lifted its position in Broadcom by 36.1% during the 4th quarter. Barings LLC now owns 494 shares of the semiconductor manufacturer’s stock worth $551,000 after acquiring an additional 131 shares during the period. Finally, Capital International Ltd. CA grew its stake in Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after purchasing an additional 1,310 shares during the last quarter. 76.43% of the stock is currently 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.