Wells Fargo & Company Boosts Broadcom (NASDAQ:AVGO) Price Target to $1,700.00

Broadcom (NASDAQ:AVGO) had its price target raised by Wells Fargo & Company from $1,430.00 to $1,700.00 in a research note released on Thursday morning, Benzinga reports. They currently have an equal weight rating on the semiconductor manufacturer’s stock.

Several other research firms have also issued reports on AVGO. Sanford C. Bernstein upped their target price on Broadcom from $1,600.00 to $1,950.00 and gave the stock an outperform rating in a report on Thursday. Melius initiated coverage on Broadcom in a report on Monday, June 3rd. They set a buy rating and a $1,850.00 target price on the stock. Jefferies Financial Group upped their target price on Broadcom from $1,550.00 to $2,050.00 and gave the stock a buy rating in a report on Thursday. Cantor Fitzgerald boosted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an overweight rating in a research report on Monday, March 4th. Finally, Morgan Stanley reissued an overweight rating and set a $1,658.00 price target on shares of Broadcom in a research report on Monday, June 10th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $1,667.48.

Broadcom Stock Performance

Shares of Broadcom stock opened at $1,735.04 on Thursday. The firm has a market cap of $807.64 billion, a price-to-earnings ratio of 74.63, a price-to-earnings-growth ratio of 3.34 and a beta of 1.17. The stock’s 50-day moving average is $1,360.12 and its 200-day moving average is $1,253.04. Broadcom has a one year low of $795.09 and a one year high of $1,747.24. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom shares are going to split on the morning of Monday, July 15th. The 10-1 split was announced on Wednesday, June 12th. The newly issued shares will be issued 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.78 by $0.18. Broadcom had a return on equity of 43.01% and a net margin of 24.10%. The business had revenue of $12.49 billion for the quarter, compared to analyst estimates of $12.06 billion. During the same quarter in the prior year, the company posted $9.51 earnings per share. Broadcom’s revenue was up 43.0% on a year-over-year basis. Equities analysts predict that Broadcom will post 36.17 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,770 shares of company stock valued at $36,242,096. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Stuart Chaussee & Associates Inc. bought a new stake in shares of Broadcom in the 4th quarter valued at $25,000. Legend Financial Advisors Inc. lifted its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the period. PSI Advisors LLC boosted its position in Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in Broadcom during the 4th quarter worth about $29,000. Finally, Richardson Capital Management LLC bought a new position in shares of Broadcom in the 1st quarter worth about $29,000. 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.