Broadcom (NASDAQ:AVGO) Price Target Raised to $190.00

Broadcom (NASDAQ:AVGO) had its price target upped by The Goldman Sachs Group from $185.00 to $190.00 in a report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued reports about the stock. TD Cowen boosted their target price on shares of Broadcom from $175.00 to $210.00 and gave the stock a buy rating in a report on Tuesday, July 16th. Morgan Stanley restated an overweight rating and set a $165.80 price objective on shares of Broadcom in a report on Monday, June 10th. Truist Financial upped their price objective on shares of Broadcom from $156.60 to $204.50 and gave the company a buy rating in a report on Thursday, June 13th. Bank of America restated a buy rating and set a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Finally, Wells Fargo & Company upped their price objective on shares of Broadcom from $143.00 to $170.00 and gave the company an equal weight rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $189.23.

Broadcom Stock Performance

Shares of Broadcom stock opened at $140.82 on Friday. The company has a market capitalization of $655.50 billion, a PE ratio of 6.06, a P/E/G ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a 50-day simple moving average of $189.01 and a two-hundred day simple moving average of $156.19. Broadcom has a one year low of $79.51 and a one year high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. Research analysts expect that Broadcom will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s 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 transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Institutional Trading of Broadcom

Several hedge funds have recently made changes to their positions in AVGO. Legend Financial Advisors Inc. raised its position in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom in the 1st quarter valued at about $29,000. Delta Asset Management LLC TN lifted its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in Broadcom in the first quarter valued at about $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Broadcom during the 1st quarter valued at approximately $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Company Profile

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.