Broadcom (NASDAQ:AVGO) Price Target Raised to $450.00

Broadcom (NASDAQ:AVGO) had its price objective boosted by TD Cowen from $405.00 to $450.00 in a research note published on Friday morning, Marketbeat.com reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other research firms have also recently commented on AVGO. Morgan Stanley restated an “overweight” rating and issued a $443.00 target price (up previously from $409.00) on shares of Broadcom in a research report on Monday, December 1st. JPMorgan Chase & Co. increased their price objective on Broadcom from $325.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Barclays reaffirmed an “overweight” rating and set a $500.00 target price (up previously from $450.00) on shares of Broadcom in a research note on Friday. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Mizuho set a $435.00 price target on Broadcom and gave the company an “outperform” rating in a report on Tuesday, October 21st. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $435.85.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The firm has a market capitalization of $1.70 trillion, a PE ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. Broadcom has a 1-year low of $138.10 and a 1-year high of $414.61. The business’s fifty day moving average price is $363.17 and its two-hundred day moving average price is $318.50.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 28.2% on a year-over-year basis. On average, research analysts expect that Broadcom will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is 49.58%.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director owned 21,382 shares of the company’s stock, valued at $7,080,435.48. The trade was a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 16,558 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the sale, the insider directly owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 836,633 shares of company stock valued at $303,612,352 in the last quarter. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AVGO. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. State Street Corp raised its holdings in Broadcom by 0.5% during the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after buying an additional 873,963 shares during the period. Geode Capital Management LLC raised its holdings in Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after buying an additional 2,226,585 shares during the period. Norges Bank purchased a new stake in Broadcom during the second quarter valued at about $18,579,549,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares during the period. Institutional investors own 76.43% of the company’s stock.

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.