Broadcom (NASDAQ:AVGO) Price Target Raised to $2,000.00 at Bank of America

Broadcom (NASDAQ:AVGO) had its price target hoisted by Bank of America from $1,680.00 to $2,000.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also commented on AVGO. Oppenheimer upped their target price on Broadcom from $1,500.00 to $2,000.00 and gave the company an outperform rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft restated a buy rating and set a $1,500.00 price target on shares of Broadcom in a research note on Monday, April 8th. Cantor Fitzgerald upped their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a research note on Monday, March 4th. Piper Sandler upped their price target on Broadcom from $1,650.00 to $2,000.00 and gave the stock an overweight rating in a research note on Thursday. Finally, TD Cowen upgraded Broadcom from a market perform rating to an outperform rating and upped their price target for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $1,667.48.

Broadcom Stock Performance

Broadcom stock opened at $1,735.04 on Thursday. The firm has a market capitalization of $807.64 billion, a P/E ratio of 74.63, a PEG ratio of 3.34 and a beta of 1.17. The stock has a fifty day moving average price of $1,360.12 and a 200 day moving average price of $1,253.04. Broadcom has a 52 week low of $795.09 and a 52 week high of $1,747.24. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Shares of Broadcom are scheduled to split on Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be distributed to shareholders after the market closes on Friday, July 12th.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, June 12th. The semiconductor manufacturer reported $10.96 EPS for the quarter, beating the consensus estimate of $10.78 by $0.18. The firm had revenue of $12.49 billion during the quarter, compared to analyst estimates of $12.06 billion. Broadcom had a return on equity of 43.01% and a net margin of 24.10%. The business’s quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.51 earnings per share. Equities research analysts anticipate that Broadcom will post 36.17 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 24th will be paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.21%. The ex-dividend date is Monday, June 24th. Broadcom’s payout ratio is currently 90.32%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders have sold 26,770 shares of company stock worth $36,242,096 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Broadcom

Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $6,225,987,000. International Assets Investment Management LLC raised its position in shares of Broadcom by 113,495.7% during the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the period. Swedbank AB acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $2,835,737,000. Vanguard Group Inc. raised its position in shares of Broadcom by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Broadcom by 43.9% during the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. 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.