Broadcom Inc. (NASDAQ:AVGO) Given Consensus Recommendation of “Buy” by Analysts

Shares of Broadcom Inc. (NASDAQ:AVGO) have received a consensus recommendation of “Buy” from the twenty-five ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $195.96.

AVGO has been the subject of several research analyst reports. JPMorgan Chase & Co. increased 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. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group upped their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. The Goldman Sachs Group boosted their price target on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note 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.

Broadcom Stock Performance

Shares of AVGO opened at $159.67 on Friday. The firm has a market capitalization of $745.75 billion, a P/E ratio of 138.72, a PEG ratio of 1.94 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. The business has a fifty day moving average of $173.72 and a 200 day moving average of $161.28. Broadcom has a one year low of $90.31 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 184.19%.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares in the company, valued at approximately $6,064,917.50. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock worth $53,540,590 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

A number of hedge funds have recently added to or reduced their stakes in AVGO. Franklin Resources Inc. raised its position in shares of Broadcom by 1,114.6% in the third quarter. Franklin Resources Inc. now owns 21,113,921 shares of the semiconductor manufacturer’s stock worth $3,849,270,000 after acquiring an additional 19,375,547 shares during the period. Decatur Capital Management Inc. raised its holdings in Broadcom by 891.2% in the 3rd quarter. Decatur Capital Management Inc. now owns 31,381 shares of the semiconductor manufacturer’s stock worth $5,413,000 after purchasing an additional 28,215 shares during the period. Peapack Gladstone Financial Corp boosted its position in Broadcom by 1,049.2% during the third quarter. Peapack Gladstone Financial Corp now owns 141,934 shares of the semiconductor manufacturer’s stock worth $24,482,000 after purchasing an additional 129,583 shares in the last quarter. Synovus Financial Corp grew its holdings in Broadcom by 847.1% in the third quarter. Synovus Financial Corp now owns 223,727 shares of the semiconductor manufacturer’s stock valued at $38,593,000 after purchasing an additional 200,104 shares during the period. Finally, Castellan Group increased its position in shares of Broadcom by 840.3% in the third quarter. Castellan Group now owns 17,377 shares of the semiconductor manufacturer’s stock valued at $2,998,000 after buying an additional 15,529 shares in 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.