William Blair Reaffirms Outperform Rating for Broadcom (NASDAQ:AVGO)

William Blair reaffirmed their outperform rating on shares of Broadcom (NASDAQ:AVGO) in a research note published on Friday,RTT News reports.

Several other analysts also recently weighed in on AVGO. Mizuho decreased their price target on shares of Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday. KeyCorp lifted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Barclays lifted their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Up 8.6 %

Shares of NASDAQ AVGO opened at $194.96 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $913.85 billion, a P/E ratio of 159.02, a PEG ratio of 2.29 and a beta of 1.01. Broadcom has a 1 year low of $119.76 and a 1 year high of $251.88. The firm has a 50-day simple moving average of $222.28 and a two-hundred day simple moving average of $192.74.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. Research analysts anticipate that Broadcom will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Insider Transactions at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several hedge funds have recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. grew its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors 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.