Broadcom (NASDAQ:AVGO) Price Target Raised to $485.00

Broadcom (NASDAQ:AVGO) had its price objective upped by Benchmark from $385.00 to $485.00 in a research report sent to investors on Friday morning, MarketBeat reports. Benchmark currently has a buy rating on the semiconductor manufacturer’s stock.

Other analysts have also issued research reports about the company. Truist Financial boosted their price target on Broadcom from $295.00 to $365.00 and gave the company a “buy” rating in a report on Friday, September 5th. Susquehanna reiterated a “positive” rating and issued a $450.00 target price (up from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Barclays restated an “overweight” rating and set a $500.00 price target (up previously from $450.00) on shares of Broadcom in a research note on Friday. Piper Sandler lifted their price objective on Broadcom from $315.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, September 5th. Finally, Deutsche Bank Aktiengesellschaft set a $400.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Tuesday, October 14th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Buy” and an average price target of $435.85.

Broadcom Stock Down 11.4%

Shares of AVGO opened at $359.93 on Friday. The firm has a fifty day moving average price of $363.17 and a 200-day moving average price of $318.50. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. Broadcom has a 12-month low of $138.10 and a 12-month high of $414.61.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be issued a $0.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio is presently 49.58%.

Insiders Place Their Bets

In related news, 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 completion of the sale, the insider owned 329,302 shares of the company’s stock, valued at $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director owned 37,326,540 shares of the company’s stock, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 836,633 shares of company stock worth $303,612,352. Insiders own 2.00% of the company’s stock.

Institutional Trading of Broadcom

Several hedge funds and other institutional investors have recently made changes to their positions in AVGO. Mainstay Capital Management LLC ADV acquired a new stake in shares of Broadcom in the 3rd quarter worth $363,000. Painted Porch Advisors LLC boosted its holdings in Broadcom by 28.9% in the third quarter. Painted Porch Advisors LLC now owns 1,299 shares of the semiconductor manufacturer’s stock worth $429,000 after acquiring an additional 291 shares in the last quarter. Saranac Partners Ltd purchased a new stake in shares of Broadcom during the third quarter worth about $10,277,000. Strategic Investment Solutions Inc. IL increased its holdings in shares of Broadcom by 4,368.0% during the third quarter. Strategic Investment Solutions Inc. IL now owns 1,117 shares of the semiconductor manufacturer’s stock valued at $369,000 after acquiring an additional 1,092 shares in the last quarter. Finally, Swiss Life Asset Management Ltd raised its position in shares of Broadcom by 2.6% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 1,427,112 shares of the semiconductor manufacturer’s stock valued at $470,819,000 after purchasing an additional 36,387 shares during the last quarter. 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.